Time for another installment of the ever depressing saga of the “house value” or as the French say, “Value De Cline.”
I have been checking Zillow, Cyberhomes and Eppraisal:
* Zestimate: $385,500
* 30-day change: $4,500
* Value Range: $354,660 – $408,630
* Last updated: 07/03/2009
The range for the estimate value has tightened slightly from a $70K range in December to a range of about $53K. The $385.5K Zestimate is up (yippie!) $9,000 from the estimate of $376,500 in December. That basically puts us back to where the value was last summer, but I will take that over a continued downward slope.
CyberHome Estimate: $347,541
Change over last month: $-4,343
Estimate Range: $312,786 – $399,672
Last Update: June 25, 2009
Drat – still showing a down trend. Down $20,000 from December! Estimated range of $90K gives me a little less confidence in the numbers. Well, let’s hope July shows better numbers.
Eppraisal Estimate: $390,915
Estimate Range: $332,277 – $449,552
Eppraisal is showing a loss of almost $60K since December. I don’t think that is right, the numbers in December seemed to be way off the mark. The Eppraisal estimate, as a point estimate, does seem to be very possible, although I think the Zillow number of $385K more realistic. The Eppraisal number is hard to judge on a trending basis. The range in value is huge – over $110K! They really hedge their bets with this estimate.
Well, it sure looks like the market has bottomed in the Zillow numbers. The Eppraisal and Cyberhomes numbers will probably take another two to three months to show a concrete bottom on which the market can start moving higher.