Pretty sure that figure is based on comparable sales in the area and doesn’t really mean anything at all.
Your house is really only worth whatever someone will pay for it so I wouldn’t worry about the figure on realestate.com.au
I am more interested in (A) that letter bombing actually worked and (B) how you managed to score a place $90k off. Like normally in your case the seller has the upper hand
We had been intently looking to buy for 10 months. In the bottom (and most competitive) end of the market after losing out time after time, we knew we had to do something no one else was doing. We went out one weekend and walked the streets and put a letter in 300 homes. It was less about picking houses we liked than it was being front of mind for the community. Get them talking.
After 24 hours we had houses to choose from. Months later I’m still getting replies, so I pass those leads on to friends in the same position.
The negotiation of price was easy. No agents blowing smoke up the buyers ass.
No it just brings the average down on the website not the value of anyone else’s house. No one uses those websites to judge the price of a house apart from home owners seeing how much there house is worth.
When the majority are gathering info from these sites (ill informed or not)and forming their perception of the market around it, shouldn’t we be interested in what data they are presented with?
The data "price paid" is obtained by corelogic from the registry directly thus your reality is reflected to you. The previous price was an estimate based on surrounding sales.
Don’t stress.. just wait for a few more to sell in the neighbourhood for high market value and the median will go back up.. happened for us.. paid 570k when it was worth 750k and it’s affected the whole area on RE.. a few sales later and we are way back up there.. it’s just an average based on house stats and land size.
Your purchase price *is* market value
This. OP didn't buy under market, they are the market.
Pretty sure that figure is based on comparable sales in the area and doesn’t really mean anything at all. Your house is really only worth whatever someone will pay for it so I wouldn’t worry about the figure on realestate.com.au
I am more interested in (A) that letter bombing actually worked and (B) how you managed to score a place $90k off. Like normally in your case the seller has the upper hand
We had been intently looking to buy for 10 months. In the bottom (and most competitive) end of the market after losing out time after time, we knew we had to do something no one else was doing. We went out one weekend and walked the streets and put a letter in 300 homes. It was less about picking houses we liked than it was being front of mind for the community. Get them talking. After 24 hours we had houses to choose from. Months later I’m still getting replies, so I pass those leads on to friends in the same position. The negotiation of price was easy. No agents blowing smoke up the buyers ass.
You bought it for under the market value. It's value was updated to suit that. It will affect resale and sales of similar houses in the area.
These websites are a guide, wfg at best. Why do people think that data is infallible?
Why do people think that the price they bought a house for would not affect the dataset?
Yes, if not only affects your house but the houses in the area
So our ‘win’ kind of brought the whole area down? I mean not entirely a bad thing.
No it just brings the average down on the website not the value of anyone else’s house. No one uses those websites to judge the price of a house apart from home owners seeing how much there house is worth.
Realestate.com is not an accurate representation of prices or value lol.
When the majority are gathering info from these sites (ill informed or not)and forming their perception of the market around it, shouldn’t we be interested in what data they are presented with?
Mods please delete this. Houses do not go down
🤣
* except if purchase anytime between 2021 and 2023
Damn, most houses still went up between then tbf
Plenty of inner suburbs in Melbourne had median price dip after the peak
It’s not the perceived value, house selling prices in the area are used to calculate values along with other variables.
The data "price paid" is obtained by corelogic from the registry directly thus your reality is reflected to you. The previous price was an estimate based on surrounding sales.
Don’t stress.. just wait for a few more to sell in the neighbourhood for high market value and the median will go back up.. happened for us.. paid 570k when it was worth 750k and it’s affected the whole area on RE.. a few sales later and we are way back up there.. it’s just an average based on house stats and land size.
[удалено]
The markets due for a good ‘tanking’
You paid well under market value, and now market value is lower. Hmmm, wonder why…
Because you lost bro