Profile picture for andreajb

My "Zestimate" dropped down to almost half in one month.

How does Zillow determine the "zestimate" of one's home?  My house's zestimate was around 1.3 million a month ago and is now $698,000.  What am I missing?  Maybe a toxic waste dump has been discovered near by?  Help!
  • November 25 2013 - Roscoe Village
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Answers (6)

Whilst Zillow provided you a direct answer, keep in mind that two homes on the same block can have varying price points. So many factors go into pricing a home of which Zestimates does not take into account. If you want the best market home, get a qualified and experienced listing broker who understand pricing criteria.
  • November 28 2013
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Profile picture for andreajb
Thanks everyone for your replies and help.  Thank you Rachel for the update.
Andrea
  • November 25 2013
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Hi Andrea,
Today, certain homes may have been affected by a routine update that caused their Zestimates to drop. This process was not meant to be applied to many of these homes, and will be corrected by end of day.
  • November 25 2013
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Profile picture for Blue Nile
Several complaints posted across the nation this morning on this issue; I sent an Email to  Stan Humpries (Chief Economist  at Zillow) earlier today.  Of course, Monday mornings is their executive staff meeting, so I don't think we are going to get any answers this morning.
  • November 25 2013
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Profile picture for Matt Laricy
Zestimates are worthless. I would pay no attention to them.
  • November 25 2013
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Profile picture for bjtregoning
Don't put too much stake in what zillow says.  All electronic valuation models are flawed.  If you want to know the value of your home contact a local realtor like myself.  I would be happy to walk through your house and give you my opinion.
  • November 25 2013
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