Profile picture for kobiwon

House value drop

Our house at 1354 Bellaire Street has dropped in value from $519,000 to $436,000 in less than 3 months according to Zillow.  Wow, Denver real estate market is obviously the worst in the country, If values can drop that drastically, we should all move out of this pathetic city.
  • August 04 2010 - Hale
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Answers (11)

Don't rely solely on Zillow to determine the value of your house.  It's Zestimate is known for not being accurate. While it's very possible that the value of your home may have dropped over the last few months (and years), that type of drop in the course of 3 months is a little tough to imagine without some major event in your area causing such a downturn.

Contact a local real estate agent and ask for a CMA (Comparative Market Analysis) to better determine what you house is worth. Or have it appraised by an appraiser.  These are your two best sources for finding a home's true market value. Not Zillow (or an other home valuing website).  There's a reason banks use appraisers and agents, and not Zillow, when they underwrite a mortgage.
  • August 04 2010
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Zillow is not to be used for a true valuation.  Zillow is a computer model.

An accurate appraisal is required to determine fair market value.  An appraisal is part art and part science.  Zillow can get the science part, but has not figured out the art part.

If you are thinking of selling than interview several local brokers.  If you are not, it's just worth the bother.
  • August 04 2010
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Call a local Realtor* they should be glad to do a CMA at no cost to you, please don't use Zillow as the know all, in pricing.

That is what I believe started this whole real estate shift in 2003, people thought their homes were worth more than the true value because some real estate web site said so. And it snow balled from there with Barneys help, and everyone with a pulse could get a loan!
  • August 04 2010
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Zillow is known to very often be as much as 30% or more off with it's Zestimate vaules.  I would be happ to provide you with a complimentary Comparative Market Analysis.  Although it may not be as accurate as an appraisal, a CMA will certainly give you a far better idea of your home's value than a Zestimate.  You can contact me through Zillow if you like.

  • August 04 2010
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Profile picture for nwhome.us
kobiwan, I see from your profile that you stop by once a year to trash the AVM model.  Glad you updated your home facts this time.
Would it help to understand a little about how the values are adjusted?
  • August 04 2010
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Profile picture for kobiwon
Zillow has officially become a total joke and lost all credibility. My house in a very nice neighborhood and block in Denver has, according to Zillow, dropped from a value of $519,000 to now $368,000 in less than one year.  According to Zillow, I am now upside down on my mortgage. This would be a historic drop in value anywhere in the country.  Funny thing is that they have houses on my block that don't come close to the size, quality and location of my house that they say are worth over $100 k more than mine.  Good work Zillow.
  • September 28 2010
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Zillow just serves as a basis point.  True valuations come from appraisers when you purchase or refinance your home.  I hope you are able to take advantage of the low interest rates in refinancing and keep more of your hard eaned money in your pocket!

  • September 28 2010
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Zillow just serves a basis point.  True valuations come from appraisers when you purchase or refinance your home.  I hope you able to take advantage of the low interest rates in refinancing and keep more of your hard eaned money in your pocket!

  • September 28 2010
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Profile picture for kobiwon
Once again Zillow has become the laughing stock of the industry.  Explain to me how our house at 1354 Bellaire Street, is one of the nicest houses on our block, the largest backyard, completely renovated with central air, however is "estimated" as the cheapest **** house on the block.  Houses with far less square footage and lot sized are valued at significantly more.  How in the world would someone come up with that?  They say our house, although it appraised 1.5 years ago for $425, is worth $295.  That's what I paid for the house 12 years ago. So you are saying I'm $70k upside down on my house?  Really?, whoever, values your home should be fired!
  • July 14 2012
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Since the original post, this persons house has gone up 6%. I dont think Zillow bashing is really worth your time.

  • July 14 2012
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Kobiwon,

Zillow does have its downfalls with estimating the value of homes. In order to get a much more accurate value of your home's worth, we would be happy to pull some comparatives of homes in your neighborhood. This is the best way to estimate your value without paying for an actual appraisal.

Jenny Usaj
[contact information removed by Zillow moderator]
  • July 19 2012
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