Profile picture for user0185314

My zestimate dropped by $200k in one day, help?!

Zillow has fixed it twice already but it has dropped again by $200k due to a duplicate listing and now the zestimate is messed up. No one else's house in my neighborhood has zestimate drops like this. This zestimate looks like a housing crisis. It was PLUS 200k, then the day after, it became  MINUS 200k. Zillow has erased the duplicate listing but the affect on the zestimate is still there, down by $200k. Address is 15835 Meadow Wood
  • July 27 2014 - Wellington
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Answers (3)

Profile picture for wetdawgs
We all want our home's estimates to be as high as possible but also want them to be realistic, but as painful as it may be the limitations of a computer calculated AVM are many.   The "What is a Zestimate?" faq with all the following questions is very important reading to  help keep it in perspective.   It is tempting to expect far more, but Zillow offers disclaimer after disclaimer.

I don't represent Zillow, but know that they don't individually adjust Zestimates nor do they have a mechanism to reflect benefits from home remodeling and repairs unless the tax assessor or a new sales price shows benefit.  Not even their CEO can get his Zestimate individually adjusted.   If there is value added by the tennis court, that will reflect in the recent sales price and recent tax assessments.

It is true your home's Zestimate has had some wild swings.  Sometimes that happens and it would nice to selectively chose to keep it at the highest point. That option doesn't exist.  Don't take it personally that your home's Zestimate swings up and down, it says more about Zillow's formula;s weaknesses than your home.   At the moment the Zestimate being higher than your purchase price by about 10% is very respectable. 
 
A few years ago I had a house worth about $700,000.   Over about 2 months the Zestimate soared to $5,000,000 or more.  That wasn't realistic and I reported it.  Turns out about 10% of the houses in the area had had sudden wild swings.  Over the next few months Zillow statisticians made some changes and reality returned.

If you need evaluation that takes out  the impersonal public data only aspect, please hire an appraisal.   There are dozens of AVMs available on the internet.  Some are free, some charge.   Chose the ones you prefer to monitor, ignore the others.   In my area Zestimates are the most accurate, but I suspect that varies from area to area.  
  • July 27 2014
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Profile picture for user0185314
I appreciate your response but please see 1080 Huntley Way Wellington FL
Its down the street from me and is the only other home with a tennis court.
We are the only home with a tennis court and pool enclosure. 
We just put a massive amount of work into renovation and building.

This zestimate was $714 until someone lised the house with a postlet and it created a duplicate listing. 

Zillow has corrected the zestimate back to $714 on two occassions after the duplicate listing was deleted but it kept coming back.
  • July 27 2014
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Profile picture for wetdawgs
I see a Zestimate on your home more than 10% higher than your purchase price last year, which is a trend higher than community averages.    The drop appears to be bringing the Zestimate in line with community trends.  The 200k rise was the aberrant part. 

Zillow does not have a mechanism for incorporating value added for repairs and upgrades that don't add square footage, unless reflected in a new tax assessment and/or new sales price.   If one buys a home at a bargain price as a foreclosure or fixer upper,  it takes a few years for the impact of the low sales price to not pull down the Zestimate.   Your Zestimate appears to be in line with others in the neighborhood.

  • July 27 2014
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