Profile picture for rrhinesmith

This is a crock of ... Our home value didn't dropped by $110,000.00 in 2008. How can you print this

According to your chart, in 2008, our home value dropped by over $110,000.00. There was no dramatic occurrence. Even given the downturn in the market, it in no way reflects the rest of our local market. Given that so many people check Zillow for prices, how can you justify showing a fraudulent drop like that? Your figures in this case are way off and the damage your doing is irresponsible. There aught to be some oversight for this. I will look into it.
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March 09 2010
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Answers (5)

Profile picture for Pasadenan
One year after the person posts this, they re-list their house again, for $1k below what Zillow's Z-estimate is..., with the same agent as they listed with last summer at only $1k below what they purchased it at.

I guess the owner must have learned something over the past year?

I believe this is what is called "chasing the market down"?

I checked one property in Pasadena where I know the owners quite well... between June 2006 and May 2009, Zillow indicates a drop in value of $780k.  And since then, an increase in value of $660k.  Almost looks like a "double bubble"?  An increase of 61.1% in just two years?  An annual inflation rate of 26.9%?

That is the nature of estimates that track "recent sales".  What people are willing to pay at any given point in time for something causes hundreds of thousands of dollars of difference.

And then a neighboring house?  Zillow estimates it at $282k.  It was listed in Aug 2010 for $277.5k  and sold for $235k in October.

Zillow estimated the value at $298k when it was listed, and at $308k in November after it sold.  So, it sold at 23.7% below estimated value.

Since then, the garage has come down and a new one is being built, and the roof was stripped and new roof-sheathing installed.
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May 11 2011
Profile picture for sunnyview
Zillow generally doesn't say too much about Zestimates since they are only estimates and not appraisals. There is more about what they are and aren't here.

A lot has happened since last year when this question was first posted. It seems pretty clear from the current comps and the chart that the house's old Zestimate reflected an estimate that went the way of NINJA loans. The market is simply not the same.
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May 11 2011
First, very nice home - I looked at your photos and it appears very well cared for, and tastefully decorated!

Second, I'd be interested in knowing what a Zillow representative tells you.  Upon viewing your neighborhood map, your current price seems attractive.  Very few homes are listed, or have sold, under 500k.  I agree that the original max price showed on Zillow may have been inflated.  Again, I'm interested in their response.
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May 11 2011
Their home is worth what ever they think it's worth! Their kids are also smarter and better looking than everybody else's!
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May 11 2011
Profile picture for fcbguy99
The home was never worth the max price that zillow showed. Zillow seems to be overvaluing your house since it is priced right around the zestimate price and is still sitting on the market. A hous eclose to yours on spring street was listed at $499K and that house was nicer & better location.
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May 11 2011
 
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