I have more improvements than many homes around me. Why does my home value continue to drop?

bierseidel
Contributions:5

The house across the street was almost condemed it was in such bad shape, yet with on a minimum of repairs the value has gone up according to your web site, while my house is in excellent condition yet the value continues to go down every few weeks or so. Either you don't do your homework or someone who isn't too bright is posting the values on your site.

Question refers to 10840 Larry Dr, Northglenn, CO 80233

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March 02 2010

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Answers (3)

Cherie Pondoff, "Cherie Pondoff"
- 5.0/5.0
- (6 reviews)
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July 17 2010

Sheila Surber, "SheilaRS"
- 0.0/5.0
- (no reviews)
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I agree with Karen, square footage and the selling price of similiar homes like yours are more of factor for the value of your home. It is also possible to over-improve a home to the point where cost no longer equals value. A lot of folks made the mistake of refinancing their home to make additional improvemts, but in a declining market-improvements aren't always going to increase the value over the cost of the improvement and the homeowner has spent equity. The type of improvement may also determine the amount of increased value. Hardwood floors over new carpet may have more value to a potential buyer. I would suggest that a real estate broker or an appraiser might make a good consultant to a homeowner to help determine the cost to value equation.

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July 17 2010

Karen Thompson, "kthomesdenver"
- 4.9/5.0
- (5 reviews)
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Zillow is known to have up to a 11% margin rate, according to a Zillow rep. that spoke at a recent seminar that I attended. More than likely the Zillow value of your home has a lot to do with the sq. ft. of the home and the price at which homes in your area have sold. They probably don't take into consideration the style of home, for instance a ranch style home is usually sold at a higher per sq. ft. price than a 2 story home, because of the cost of constructing a ranch style home. Nor does Zillow take into consideration any upgrades or the condition of any of the homes it is comparing yours to. Zillow should be used as merely getting a rough idea of a value of a home or even better, the general value of homes in a specific area. Zillow is only one resource to look at when determining the value of a home. Another source is the County Assessor's value of your home. If you want something more accurate, you should contact a local real estate professional. Most realtors will gladly provide you with a free CMA (Comparable Market Analysis) of youw home in the hopes of earning your business later when you are ready to buy and/or sell.