How do you get specific information about why a property zestimate has declined?

This property zestimate has dramaticaly declined in the last 30 days. All of the existing active listings in a similar price range did not show a decline.
  • July 14 2011 - Dilworth
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

    Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

    Answers (6)

    Profile picture for Sharon Lewis
    This link might help explain it better

    What is a Zestimate?

    • July 25 2011
    • 0Yes

    • Report a Problem

      Please enter a valid email address.

      Content flagged

      We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

      We're sorry. This service is temporarily unavailable. Please come back later and try again.

    Profile picture for sunnyview
    Zestimates are not appraisals or market values or listing prices. Zestimates are estimates based on public record, trend and sales information. They are what they are.

    If there has been a change in 30 days in the Zestimate, the most likey culprit from what I have seen is a recent  low sale, short sale or REO sold in the last 30-45 days to allow for lag time in uploading those sales. Any values on Zillow are not going to be as fresh as those from the local MLS system just be virtue of the fact that it takes time to upload those sales into Zillow.
    • July 21 2011
    • 0Yes

    • Report a Problem

      Please enter a valid email address.

      Content flagged

      We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

      We're sorry. This service is temporarily unavailable. Please come back later and try again.

    Profile picture for Sharon Lewis
    I know where that house is.....love that area, I am in Raleigh.....the way, that is a beautiful home!  Great photo
    • July 15 2011
    • 0Yes

    • Report a Problem

      Please enter a valid email address.

      Content flagged

      We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

      We're sorry. This service is temporarily unavailable. Please come back later and try again.

    Profile picture for Blue in d Nile
    It could be related to the relatively small lot size for the area and the size of house.  And not all estimates are affected by the same market changes, so others may have already been lower based on the various factors.

    Recently Sold

    (I'm really thinking it is the lot size).
    • July 14 2011
    • 0Yes

    • Report a Problem

      Please enter a valid email address.

      Content flagged

      We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

      We're sorry. This service is temporarily unavailable. Please come back later and try again.

    Profile picture for Blue in d Nile
    Unfortunately, there is no simple answer, as the "automated learning modeling" of each market area uses all the recent non-distressed sales in the area, and models it to the county record data:
    1) house sqft
    2) lot sqft
    3) # bedrooms
    4) # bathrooms
    5) # stories
    6) year built
    7) tax assessed value (adjusted for local rules)
    8) last sold price extrapolated from sold date
    9) covered parking (if in the county records).

    and then checks the resulting estimates from the "model" to the sold unit prices, excludes those that are way out of line, and re-calculates the model; then uses the model for creating estimates in the area.  And this is done 3 times a week.

    So, depending on what sold in the area, any of those items could have caused increases or decreases, based on what people were buying in the past few months and what they though was important, and what they were willing to pay extra for, and what they were not.

    So, what you really need to check (by hand...) is each of those 9 items for not only that home, but the similar homes that you say were not affected during the same time period.  And of course, it uses distance for what is in the vicinity, so it may not be the same computer modeling to begin with.

    1124 Linganore Pl, Charlotte, NC
    • July 14 2011
    • 0Yes

    • Report a Problem

      Please enter a valid email address.

      Content flagged

      We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

      We're sorry. This service is temporarily unavailable. Please come back later and try again.

    I have flagged your question for Zillow.  Hopefully they can give you a good answer!
    • July 14 2011
    • 0Yes

    • Report a Problem

      Please enter a valid email address.

      Content flagged

      We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

      We're sorry. This service is temporarily unavailable. Please come back later and try again.