Profile picture for Blessed1dmy

How often and where are the details on why a zillow listing value changes

Please let me know how often or why a value on Zillow is changed.  I rented a house that was approx. valued at $459,000. and have had nothing but trouble with it.  NOW I see the value has dropped to approx $250,000.  I need to speek to an agent asap so my attorney and I can discuss the additional lease problems/false information given to me.  Bless you all,  Diane Yancey, 525 E Jones Street, Raleigh, NC 27519; diane.yancey@yahoo.com
  • July 14 2011 - Raleigh
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Answers (5)

Best Answer

Profile picture for Sharon Lewis
I emailed you regarding this question, however, what zillow has the house appraised for and what true value is, are two different figures for the most part. If you want to know what that house is worth, email me as I am local. And lets see if I can help you out, it would be my please, ok? 
  • July 15 2011
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Profile picture for Sharon Lewis
Diane
the other thing is, you are renting and what you are renting is irrelevant to what the value of the home is. Owners cannot guarantee that a homes value will stay steady, what would happen if the value went up, should the owner raise the rent? Its a pendulum that could swing both ways. With the issues we have discussed, again, I urge you to  talk with an attorney.
  • July 19 2011
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Profile picture for wetdawgs
Zillow changed their algorithm for calculation of Zestimates June 13, 2011.   At the same time they had a larger historical data set, so recalculated the historical values from 2006 forward.

You can read more here.

Others have tried lawsuits, but the bottom line is that Zestimates have been determined to be Zillow's opinion.   Some people like them, some hate them, but they are Zillow's opinion never the less.  You can waste your money with the attorney, but you can also read FTCs opinion of Zestimates here.

Zillow's values are not appraisals (even though that was the word used by Sharon Lewis - I was shocked to read that written by an agent who frequents the site).   Read the definition of Zestimate by Zillow.  Note their introduction " It is not an appraisal. It is a starting point in determining a home's value."

If you are having lease problems and other issues with the property, how does a Zestimate play a role?



  • July 16 2011
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Profile picture for Blessed1dmy
I'm new and don't know how to say "yes"!  I'd love to talk to anyone about how these values change.  Even without a lawsuit I want to know how Zillow put one value on 3-6 months ago and why it's changed.
Thank you!   Email direct at tylerblessed1@yahoo.com.
  • July 16 2011
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You can learn about Zestimates here.  But if you are planning on using Zillow's Zestimate as part of a lawsuit, I would like to remind you that a Zestimate is not an appraisal or a CMA done by a real estate agent, and is therefore only a vague estimate of the value of a property based almost exclusively off of public records.
  • July 14 2011
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