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I would like to understand how my home value dropped 30% in 1 month?!

  • September 18 2010 - Bear
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Answers (5)

The problem may involve many factors, for example, how many short sales or foreclosure auctions have occurred recently in your neighborhood as well as what other neighboring homes with similar amenities have recently sold for.

What your home is woirth is "what someone is willing to pay you for it" pure and simple.
  • September 20 2010
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Values are relative, in Zillow they are based strictly on publicly-accessible records, such as MLS and proeprty tax assessments.  The only way to get a true market value is to have an appraisal done, and the only reason it would be important to do so is if you are planning to sell.
  • September 20 2010
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Profile picture for ioreper
I am comparing strictly to the zestimate value last month.
  • September 18 2010
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The value of your home probably didn't drop 30% in one month.  The value you're looking at may or not be accurate and the same goes for the value you're comparing it to.  Were the values determined by an appraiser or real estate professional? 
  • September 18 2010
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Profile picture for remaxagent33
Hi. How do you know it's dropped 30%? Is this from a zestimate or did you have a realtor do a cma? Just curious why you are saying it.
  • September 18 2010
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