Profile picture for chadmacc

How can my house's zestimate go down so far so fast? I have one of the biggest houses on my block??

My concern is that Zillow is not gathering info correctly and thus is not a reliable source.  The DuPage County Assesor in a writen statement said the fair market value for this home is $423k.  I think you need to re-do your algorythm.
  • Question refers to 1300 Palmer St, Downers Grove, IL 60516
  • October 29 2009
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Answers (6)

The question may still be pertinent, but it was asked in 2009.
  • April 08 2011
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Profile picture for Doug Reynolds
zillow is definitely not an exact science nor is it correct the majority of the time.  My quess is a property near yours sold for a much less value and the zillow system lowered every value near you. 

In my opinion, Zillow is just a starting off point for a ball park.  From there you need a Realtor or appraiser to give you a more accurate value.
  • April 08 2011
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Good question.  Good responses.  An agent can do a CMA to give you a good idea of what it will appraise for in today's market.  Not uncommon in today's market unfortunately to see the loss in value that you mentioned from your re-fi appraisal to the tax assessed value.  Hopefully, you plan to be there a while as the market settles over the next 3-5 years.  For future reference, try to not buy the biggest home in the subdivision.  I like to keep my Buyers in the bottom 60% price point in a subdivision.  Those in the top 40% are much harder to sell.
  • April 08 2011
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Chad I wouldn't worry about this, it is common knowledge among Real Estate Professionals that the Zillow estimates are not accurate. It is a general price that does not take in to consideration any of the improvements on the property as well as the specific locations of the property. Most importantly Real Estate Agents do not use Zillow to come up with property values instead we do extensive comparative market analyses tailored to the individuals property and this is much more accurate.
  • April 08 2011
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Profile picture for chadmacc
I did have my home appraised June 2010 for a refi.  $475,000.  So Zillow can suck it!
  • July 29 2010
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Chad. I wouldnt be too upset about the zillow value. It is not accurate. You need to talk to an appraiser. Let me know if I can point you in the right direction.
  • November 03 2009
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