Profile picture for happyhun007

I am wondering why my Zillow price estimate is dropping so faat compared to other homes in my area?

It has dropped from the low
$818,000 in December to 688,000 now..... That kind of drop is not being seen by any of the other homes in my area.   And I have recently remodeled..
  • February 17 2010 - Ashland
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Answers (9)

Best Answer

Profile picture for corthree
Are you looking at the "Zestimate"? If so It means absolutely nothing. Zillow is a joke when it comes to the value of your home.



Zesrtimates should be stopped!! they do nothing but hurt home owners.



  • February 17 2010
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Profile picture for CubsfaninWA
Serious Question:

What affect does a Zestimate have on a home's value?


Another Question:

Does it make any difference, other than maybe to a seller or someone that might be trying to refinance (and those two things are a completely different conversations)?  So what that the Zestimate went down?  Are you trying to sell your home and are upset because some website doesn't agree with your assessment of your property value or are you upset because your home isn't the highest value in the neighborhood?

The people that are attempting to sell their home have a beef, one that I disagree with, but at least their is some basis to their arguement.

I wonder if people are upset because Zestimates hurt their ego more than anything else.
  • February 22 2010
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Profile picture for sunnyview
The problem is that the trashed REO's are also used by banks and appraisers to value houses for sale. When people go to get a bank appraisal, some of them come in much lower than the offer price because bank used trashed houses are "comps" even when they are not. It used to be that they just compared a house with ugly carpet that recently sold to a house with new carpet that was being purchased, now that ugly carpet "comp" may also have no kitchen or toilet or water heater. It is definitely a problem, but I don't know how it could be fixed on Zillow or in the appraisal process for the banks.
  • February 22 2010
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Profile picture for PCS2
I agree with you, Zillow is hurting home owners who are not losing their homes but want to sell. Yes the comps around you matter, although this service does not take into account that people who have lost their homes are taking many things from these homes and some are trashing them. It is unfair to those of us who have cared for our homes but want to move on,
  • February 21 2010
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Profile picture for Genie Shook
Hi,
I would contact a reputable agent in your area that has been in the business longer than a few years and have them do a CMA for you. Anyof them would love to help yo and it's a free service to you. Take care.

Genie Shook
Principal Broker
  • February 21 2010
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Rochelle,

Good answer! Add a photo to your profile though!
  • February 20 2010
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Have you claimed your home and updated the information on it?  If your remodeling is not currently included in zillows calculation of a Zestimate, that should increase the value. 

Without knowing that address, that is hard to answer, but chances are that a few homes similar in size and age were sold in foreclosure or as short sales and that price is dragging your zestimate down.  Hope this helps.
  • February 19 2010
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Please see my answer here.
  • February 18 2010
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Contact a real estate "professional' in your area or contact us and we will find one for you.
  • February 17 2010
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