Profile picture for lisa911332

I listed my house for sale on Zillow and Zest dropped 14k!

I listed it one week ago and lost 14k in a week? Does this happen when you list your house for sale? Come on Zillow, you can't tell me this is just a coincidence.
  • December 21 2008 - Westover Hills West
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Answers (5)

Profile picture for lisa911332
Thank you for answering. However it doesn't make sense.

My Zestimate held steady at 394k for the past year, going up or down only a few thousand.

Then last week I list it for sale on Zillow. EVERY SINGLE DAY it is dropping several thousand. My last post it was 380k and now it's 376k. It's losing money by the day. And this happened right after the day I listed it.

So word to the wise..... if you like your Zestimate, DON'T list your house on Zillow!!!!! This is horrible. The fact that my house could lose money so quickly just shows how "off" the Zestimates are. So why does Zillow so staunchly defend their Zestimates? 20k lower in 10 days?

Can I at least expect to see the number come up after Christmas? We all know that buyers will have that Zestimate number stuck in their head when they come looking whether the number is correct or not. According to my bank, my house appraises at 400k. Think a buyer is going to care about that?  I'm disappointed in Zillow. I used to love this site. Now I'm sorry I ever listed my house.

  • December 22 2008
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Profile picture for sunnyview
It is not intentional on Zillow's part. We are in the winter season where prices traditionally drop in response to reduced closings in most parts of the country. Fewer sales and more low sales of left over (often less desirable) inventory are likely to blame. Price it right, understand the market pressures and you will hopefully be able to sell.
  • December 22 2008
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Dear Lisa,
I understand that Zillow estimates are always running behind. It is not done on a daily basis.  So that it may be that they updated after you listed it.  Also, there may have been some foreclosures and short sales within a mile or 2 of your house which would affect the appraisal value.  I have a house listed (which I own) that was the lowest priced on the street at $269,900 and I just saw that one of the houses that was more actually sold for $135,000. That grossly devalues my house instantly. Ouch. Feel free to call me and I will look on the RMLS and see what has sold in your area.
  • December 21 2008
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Profile picture for lisa911332
My house is already listed at a low price but I was happy that it was below the already low Zestimate. Now the Zestimate is even lower.
I just want to break even on my house! I would like to know how my Zestimate held steady for the past year, then I list it for sale on Zillow and the Zestimate drops. Why Zillow?
  • December 21 2008
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Profile picture for hooga
Same thing happened to me. I am probably going to take my house off of here now. It looks like I have way over inflated the price!!
  • December 21 2008
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