I just received a zillow report and my home value just jumped significantly. I have no idea why

Profile picture for cmcanyon
The address is 2201 22nd Ave So in Minneapolis.
Is there any way to get an understanding behind the sudden 30 day climb upward?
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March 14 2009 - Minneapolis
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Answers (3)

Profile picture for shofflander
cmcanyon, Yikes!  These types of real estate forums can be very misleading.  Frequently, the information is not an accurate representation of the entire marketplace.  Many agents, when submitting properties for public viewing, will either opt NOT to allow these types of forums to pull information in (which keeps those properties from being able to be used as comparables) or they purposely enter erroneous information (which completely skews the numbers for other properties). 

As real estate professionals, we obtain our data from the most reliable source, the actual MLS, which cannot be diluted or skewed in this way.  Contact a local real estate agent to obtain the facts about market value in your area.  Do you have a favorite agent you can contact? 

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May 15 2010
Profile picture for phessling
When I look at the area around 2201 22nd Ave, it does appear that your property had a signifant price increase over the neighboring properties.  However, the price that is reflected on the map is the "make me move" price entered.  Blue house icons reflect a make me move price.  When you look at the data for the house, zillow indicates that the value has decreased $10,000 in the past 30 days.  As the Seward neighborhood has a variety of homes, both single family and multifamily, a competive market analysis is the most accurate way to identify the current market value of the property.  I have been seeing a lot of competition on the lower priced homes in this area.  Good luck.
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November 16 2009
If you are referring to the Zillow Zestimate, these numbers can fluctuate dramatically based on a number of factors such as price per square foot and other trends.  Given the area you're in, what you may be seeing is some homes that were bought a few months back in foreclosure at a bargain, then remodeled and relisted/resold at a higher price.  This scenario might make your Zillow estimate jump, as a good remodel job can significantly increase property value in a small time frame.  Be careful with those Zestimates, they are fun to look at but can be deceiving!  Hope that makes sense. -- Jim
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November 05 2009
 

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