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I posted my home on Zillow 20 days ago, and my Zestimate has dropped like a rock, almost daily. Why

I even claimed my home and listed all of the improvements we've made to it. When it was first placed on Zillow, our listed price was close to the Zestimate-- now Zillow has been dropping it's value ever since. It's as if you're trying to prevent the sale of our home by influencing whatever idiots believe this junk...
  • August 02 2010 - Springfield
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Answers (2)

If the general national economy and the local real estate economy is falling in value..., which it is, then it only makes sense that the zestimate on one home will drop accordingly... no matter how much you tell zillow that you have improved the home.. it is only worth what buyers are willing to pay... which they judge by what is selling around your home.. We are in a severe downturn.. everywhere.. it effects everyone...unfortunately;  So, one way to verify this is to look at the most recent sales in the past 3 months that Zillow also is looking at..  and that is what they are comparing your zestimate to... the numbers are based upon what is actually selling.. there are probably a number of short sales and foreclosures that have sold and will affect your value..  So no matter how many improvements you claim on Zillow... it is only going to be worth what a buyer will pay.. not what Zillow says they should pay..  so dont put so much stock in one application/resource..  do your homework or call in an expert to get all the facts.

good luck..
elisa.

  • August 03 2010
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Zillow will go by recently sold and currently active so even if you have gold counter tops it will not help the Zestimate look for for the yellow homes that have recently sold and see what they sold for. 
  • August 02 2010
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