Last night I was tossing around the idea of a calculator that determines a realistic value of a house in today’s market, based on what year it was purchased and how much was paid. This morning I spent some time with javascript, and the result is below.
I welcome any feedback. Keep in mind that this obviously is just a rough approximation based on broad market indices, it does not factor unique circumstances to individual houses, and it does not constitute legal advice, blah blah blah…
Enjoy.
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This seems very wrong. If I plug in $500k house bought in 2008, it’s already gone down to $400K?
Check your math.
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Based on actual, recent (summer) sold prices of very close comps in my neighborhood, I’ve actually gained about 4%, and I bought in 2006.
This is in the Fremont neighborhood. Are priced holding up better in the city?
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Fremontian,
Not in the entire city, but yes in Fremont, and Wallingford, Phinney, Greenlake, parts of Ballard, and a few others. Southeast Seattle has not fared nearly as well.
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IRA,
I was following this house on redfin and it got relisted with a reset days on market. What does your direct MLS history show for days on market and asking price changes?
17705 NE 156th St
Woodinville, WA 98072
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Alan,
First listed 4/30/08, went inactive 7/18/08, new listing 7/29/08 all with the same asking price.
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But different square feet…
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Hi Tim,
Sorry, but I’m seeing an algorithm problem, too (see Greg K’s post). I entered “395000″ and 2005 and got $393243. Unlikely that price dropped based on your assumptions. I’m on MacOSX.4 and Firefox 2.0.0.16. Tried and got same result in Safari. I’m sure you enjoyed programming this, but I bet you hate us pesky software testers by now! Hope this helps, and best wishes for the next release.
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[...] to my (admittedly rough) calculations, they’re still about $50k overpriced. Good luck to them, but the real incentive for buyers in [...]
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Hey Tim,
Someone linked to this on the RedFin blogs and I remembered seeing it last year. Any chance we can update it to present day? Just so it better reflects prices based on the market falling further since this post… Wouldn’t want people basing their offers on an outdated calculator and paying too much for that North Seattle 3bd 1ba $700k Craftsman ;) hahaha
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