Profile picture for eigner

Question re: significant (apparent) decline in home value unsupported by reality locally

Our home has lost 25% of its value in the past 6 months according to Zillow, while the County Assessor has data that says our value had increased for he interval just before that due to the popularity of our neighborhood.  Also, homes across the street that are very similar appear to have preserved their value as I look at our street on your website.  What factor(s) have caused this apparent decline?  Recent sales?  Something else?  Error?
Greg Eigner
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  • January 02 2012 - Bittersweet Lakes
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Answers (3)

Profile picture for Blue Nile
Indiana is a "non-disclosure" state.  That means that there is no public records data on the amount that the houses actually sold for.  Thus Zillow models to "listing price" in the area instead.

There are lots of factors that affect the listing price data that agents post on the site.

And certainly large discrepancies in the posted lot sizes don't help the modeling any.  You can correct your lot size, but if the listing properties being modeled to have substantially different lot size, it will affect the estimates.

You might check with some Realtors regarding some CMA's, as the Realtors have access to the Multiple Listings for the sold prices of properties that sold through the local Multiple Listing Service.

As it is a non-disclosure State, many websites that provide approximate value opinions do not even attempt to provide an opinion.

It is not clear where Zillow got the last sold price for the specific property as it should not be published in the county records.  Perhaps a developer provided it?

Zillow only shows 3 "recently sold" (12 months) in that Zip code with a "search".
  • January 02 2012
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An excellent example that zestimates are inaccurate. Looks like most homes in the neighborhood has a roller coaster curve zestimate with increases and decreases that are beyond comprehension. No doubt there will be some people in denial and tell me I don't understand that zestimates are just a starting point etc. 

Fair play to wetdawgs for flagging and accepting it makes no sense.
  • January 02 2012
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Profile picture for wetdawgs
That is indeed strange. I'll flag your post, perhaps Zillow will put it on their pile of "Zestimate crazies" for investigation.    The other strange feature is every house in the neighborhood shows that it has lot sizes between 50 and 150 acres (which clearly isn't so from the satellite view).  (Is your lot size 76.58 acres - that is bigger than the entire subdivision).



  • January 02 2012
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