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Is $32000 30-day drop in value a mistake?

My property at 423 Mill St., Excelsior, MN 55331, shows a 30-day change (down) in value of about -$32,000, yet the property value hasn't really changed. The chart doesn't show a change either. No other changes show.

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August 18 2012 - Excelsior
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Answers (4)

OK, but I don't think tech support for Zillow responds to questions posted here. Not sure...
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August 19 2012
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Dear Patti,

Thanks for the real estate based answers. Unfortunately you missed my point.  I have no questions about real estate valuations.

My question was really a tech support one for Zillow.

On the page for my property, there really hasn't been much change over the past month.  I mentioned the chart hadn't changed really. The question was, if nothing much has changed, why is there a comment that the value had dropped $32000 in the last 30-days?
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August 19 2012
I just happened to be in the database and thought I'd pull your property up and take a peek at it.

The county records show that you have a total of 1661 finished sq ft, Zillow is showing 1915, and the last MLS listing back in 2005 shows 1750.  So there is one problem... 

There have not been any nearby recent sales of similar homes sold on the MLS and that is another problem.  The closest recent sales of similar homes are actually in Shorewood which the computer may not consider because they are a little more than 1 mile away.

Then you have a couple of huge homes just to the south of you that could be throwing things off too.

The median sale price in Excelsior in July dropped by 38.1% down to $181,000.  But the year to date median sale price has only dropped by 8.3% so that is a little larger than normal fall off for our annual summer sales slump.

The average price per sq ft is currently $139 per sq ft.  So it might be better if you take careful measurements of your house and calculate it based on the price per sq ft.  If it is in average or good condition, you home is very lkely to be pretty close to the median. for Excelsior.

When you measure, include everything that is finished, including closets, bathrooms, and hallways.  Do not include the laundry room, utility room, or anything that isn't completely finished.  Keep in mind that a home with 3 bedrooms on the main level will sell for a little more than a home with 2 bedrooms on the main level and one in the basement.

Also remember that condition affects everything and so does your location.  Add up to $5000 if you have upgraded to granite, stainless, ceramic, and hardwood interior finishes.  Then take about $5000 off for being on a busy street.  Recent window replacements, new siding, and things of that nature generally do not impact the value very much because those are considered to be normal maintenance items.  Only add value if you upgraded - say for instance if you put on a new steel roof, then that would be an upgrade.  If you just replaced a roof with a similar type, then that is a maintenance item and does not add value.

That should at least give you some idea.

However, in your situation, you really need "professional help" to get the most accurate market value for your home.
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August 18 2012

Prices are based on recent sales and are updated on a regular basis.  It is likely that a higher end property sold recently, but is now a little too old to be considered or is not as highly weighted in the computer's analysis as it was 30 days ago.

That's part of the "ups and downs" of depending on a computer for a market analysis rather than a real person.  Zillow is getting better, but nothing beats a real live REALTOR® with experience in the area (OK, maybe I am a little biased because I am a REALTOR®).

As you are aware, Excelisior has a wide variety of styles and sizes of homes.  Just because a property is geographically close and the basic statistics are similar, that doesn't necessarily mean it is comparable.  Proximity to the lake, the quality of the interior finishes (granite, stainless, ceramic, etc) and other amenities can make a big difference.  You are also on a farily busy street and my guess is that the computer doesn't understand that factor very well either.

I hope that helps! 

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August 18 2012
 
Related Questions
Is $32000 30-day drop in value a mistake?
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Latest answer by Patti Ann Kasper
August 19 2012 | 4 answers
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