Profile picture for isacasa

Unbelievable 30 day price change for my home

Hi,

 

I am wondering why my house (838 Sextant, 94404) lost more than $40000 this month while the house next to mine (which is exactly the same: 830 Sextant, 94404) only lost $8000 and all the other houses lost less than $5000-10000 in the community. I would like you to rectify that, it is really a bad advertisement for me if I want to sell my house!

 

Thanks for your understanding!

 

Isa

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May 03 2008 - US
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Replies (15)

Profile picture for gmesa

I have the same problem, but I lost $53,000... all the houses around me are more expensive, even those with smaller lots and older than my property...

 

Welcome to Zillow

 

Gmesa

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May 03 2008
Profile picture for harsefly

I'm curious.....did both of you claim your home?  I know Zillow will say there is no correlation between claiming a home and the price dropping.  However, I am just curious if you claimed your home and the value dropped.

I beg to differ with Zillow's explantion, that it is just a coincidence, that one's home value drops after claiming it.  There just seems to be way too many "coincidences" IMHO.

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May 03 2008
Profile picture for gmesa

No, I didn't claim my home, but looks to me that I'm not the only one with the problem and zillow only points to the first post with a lame explanation...

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May 03 2008
Profile picture for harsefly

gmesa, Many people have complained that their Zestimates dropped after claiming their homes.  Looks like this is not the case with you.  Don't hold your breath waiting for an explanation; or you may get a scripted response, a "canned" answer if you will.

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May 03 2008
Profile picture for gmesa

I know...

I rather have my house removed out of their system...  I don't know if I have the right to do that since this is my house!

 

Gmesa

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May 03 2008
Profile picture for isacasa

No, I did not claim my home yet. I was going to because we are doing some remodeling but I am scared that the price will drop again... Same here, I just want my house to be removed from the system if they keep srewing the Zestimate this way!

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May 04 2008
Profile picture for steveski1972

1. Claim your house on Zillow

2. Update your home facts under owners estimate

3. Get a warm and cozy feeling seeing your higher owner zestimate

4. Wait for housing market recovery 5 to 7 years


5. Come back to Zillow and then look at your higher zestimate


6. Repeat steps every housing downturn cycle

Thank you

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May 06 2008
Profile picture for Alisande

Claiming your home DOES make the price drop.  I have spoken to well over 40 people in my immediate area (not to mention everyone here) that could show it did.  Including myself.  I'm wondering why steve is even in this forum?

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May 07 2008
Profile picture for steveski1972


I'll also heard that claiming your house drops your zestimate. The 2 are not even related. One is an owner's estimate, you could put in your granite countertops, finished basement, new paint, new deck and based on your estimates the owner estimates change.


Zestimate is based on public data.

Not sure what the formula is but here is my stab at it.



Last Tax Assement of your house

Finished SQ Footage as reported to the county

Last sale price of the home

Sales prices of houses with similar sq footage within some distance of your home (1 -2 miles maybe)

What houses with similar SQ Ft are currently on the market for now.



Am I close?? I don't know



Some of these are probably weighted more than others too.



Basically it's this simply guys, the housing market blew up over the past 4 years to overly inflated prices that really had no basis on people incomes or the actual value of your house and where the result of greed, easy credit and flippers.

I totally understand everyone's fustration I was really ticked at first seeing the value fall on my house and continue to fall (15 k this month). But the sooner you stop looking at that zestimate like it's LAW the better. You will drive yourself crazy.



Check my house, it's dropped 200k. (It looks like a freaking roller coaster)



So in summary:

1. Do not sell unless you have to

2. Don't look at your zestimate like it's the real value of your home (The market dicates that, not a zestimate)

3. Enjoy life, check your zestimate probably in about 5 years.



Flame me, I don't care.

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May 07 2008
Profile picture for kaymonster

thats nothing..mine dropped $115,000.00 in 1 week!!!!!

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May 08 2008

There are a couple reasons for steep, rapid declines in Zestimates.

 

The first is that we recently got behind importing sales transactions. We then imported a month of transactions at the exact same time, so there were some large swings in zestimates as our model learned from the new transactions (usually we import every couple days -- meaning zestimates adjust more gradually).

 

The second is just the real estate market as a whole -- our Q1 home value reports showed a 7.7% decline in home values year over year.

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May 08 2008
Profile picture for kaymonster

ok......soooo... that does not explain why my hosue is the ONLY one that had a drastic drop in my neighborhood. Hell, my house dropped way below those across the street...and those have less bedrooms and less square footage!!  WTF

9475 Date St. Spring Valley, CA 91977

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May 08 2008
Profile picture for GARudman

That is exactly what happened to mine, Kay.  None of the houses around me experienced a decline like that.  I just wish they could explain that to me because it cost me at least 2 potential sales since my 10% price decline on 4/23.  My address is 7905 Cross Pike Drive, 38138.  I know a $20,000 decline seems small compared to what other folks have experienced but it is very significant to me.  I could understand if my whole neighborhood went down in value but it is just my house!! 

 

Oh well, I am signing an agreement tonight to rent my house out so that I can proceed with my life in Orlando.  I just hope that it works out.  Zillow, I dont understand how you cannot realize the damage you are causing with these zestimates.  Just show the zestimate ranges!!  Like I have said before, your average perosn takes these zestimates as being reliable.  To them it is similar to sites like carsdirect.com.  I use that site when I car shop and I will NOT pay more for a car than what carsdirect.com says it should be.  They call it a "target price."  Many people think that sites like zillow work the same way.  If they perceive the zillow value and the asking price to be out of alignment, they do not even bother with getting a real appraisal or even looking at an appraisal that I have paid for.

 

Good luck!  Maybe one day you all will see the light.

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May 09 2008
Profile picture for Alfred22

To Drew Meyers 

How can you explain that your first zestimate on my home was $857K and  now , 5 months later your zestimates is for $624K (234K in 5 months!!) Explain that to me. 
According to your own “Zestimate”, on 10/15/2007, my condo at 954 Broadway East # 101, Seattle, WA 98102 was valued at $857,630.00 with a value range of $763,291 to $960,546. On 04/30/2008, your “Zestimate” value for this property went down from $857,630 to $624,000 with a value range of $536,640-$698,880 – a drop in value of approximately $234K, a 30% loss, in less than 5 months!
You must be aware that Seattle is not considered a declining market, particularly in the part of town in which my condo is located, Capital Hill. While the Seattle market is not what is was six months ago in terms of appreciation, according to the latest polls the homes in the Seattle core, at minimum, are maintaining their values.
How do you explain a decrease of approximately 30% in your estimate within a six month period in a market that reflects a slight increase by most analysis? I have copies of your own estimates from 10/15/ 07 that I would be more than happy to post. In light of the fact that your site purports to reflect current conditions, it is obviously troubling to find that your estimate is so out of touch with the current industry estimates. I’m planning to sell my home and am aware many use your site as a tool. Your organization is doing a lot of harm with such gross misrepresentation of market conditions. I would like an explanation that makes sense.
Respectfully,
Alfredo Alvarez

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May 13 2008
Profile picture for oddman

Sorry to see Zillow is zapping your value too. From what I can see here , they will not do one single thing to help you.  They will at some point perhaps spout some rubbish about its is just what they think and freedom of speech kind of BS , but not any real help. 

Of course at some point Zillow will wake up and start treating people better , but most likely only after is is an also ran.

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May 14 2008
 
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