Profile picture for Raoul Fasahd

Why Does Our Zillow Value Fluctuate So Drastically?

Dear sirs,

This is an inquiry as to why our Zillow home value estimates fluctuate so drastically.
 
On September 20th, we received a Zillow e-mail stating our home was worth $365,200k. Then on October 8th, we received another Zillow e-mail stating our home was now worth $444k. Then on October 16, we received another Zillow e-mail stating our home's worth had dropped to $357,500k.

We were thinking about refinancing our current 30-year, fixed rate, 6.5% first mortgage if our home was actually worth $444k. If that was the case, we could use the equity to refinance at a lower interst rate and hopefully payoff our second mortgage and a few other bills. But if our home is truly only worth $357,500, we do not have enough equity to refinance.

Please advise as to what the true value of our home actually is and why your estimates vary so widely.

Thank you.

Jesse Jensen
9104 1st Avenue NE
Seattle, WA 98115
Cell: 206-406-7975
Home: 206-524-3755
  • October 17 2011 - Maple Leaf
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Answers (3)

Profile picture for Raoul Fasahd
Thank you for both answers to my inquiry.
  • October 17 2011
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Why?  Because what sells each month differs substantially, and because the individual estimates are still within the stated tolerance range.

The estimates can be expected to fluctuate about +/- 15%.  That is very normal.  The estimates are not to be used for lending purposes nor listing price purposes, nor for loan offers, nor for purchase offers.

They are only designed as a starting point for further evaluation.  Also, the estimates as generated are needed for creating the market indexes for each market area, and those indexes are not subject to the same fluctuations.
  • October 17 2011
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Contact with a local lender, He/She may do the ball-park figures (estimate) to know if your home has enough equity for the financing or not, seem like your home has enough equity, except for it is too close to the 5 freeway, but again contact with a lender.

http://homesand.net/Quick ... 115?Map=1
  • October 17 2011
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