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My estimate dropped by 23000. in one day How can this have happened?

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June 17 2011 - Butler Township
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Profile picture for doublea
whats funny is, my appraisal came back at 325k and zillow says 266.5k
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June 17 2011
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Zillow updated their algorithm for calculation of Zestimates on the evening of June 13.  Consequently, many saw big changes in the Zestimate for their home.
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June 17 2011

My assessment is that your average is based on other recent sales in your area, and since we still have a lot of short sales and foreclosures taking place, at any given time, there could be several very low sales in your area; especially if your home is above average in size, condition or upgrades.  If your home is above average, then most homes would be selling below your expected price; especially those with condition issues or lower prices due to short sale.

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June 17 2011
 
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