Profile picture for SethCraigoSnell

Why did home values in Louisville, KY fall drastically in May 2011 and then rise again sharply?

It seems to me like the Zestimate for every home I have looked at on Zillow.com in the Louisville, KY area fell sharply in May 2011 and then rose again immediately following that. What does this represent? If it is a glitch in the valuation algorithm why not simply interpolate those values so that things look more reasonable?
  • December 01 2011 - Belknap
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Answers (5)

Profile picture for SethCraigoSnell
Thanks for the reply, Wes. I agree that zillow estimates are hit or miss here in Louisville. I am just very curious about the seemingly systematic drop in may 2011. In some cases the values bounce back to pre-drop levels, but in the case of one house we are looking at (2100 woodford pl), the value jumped well above pre-drop levels after the drop. I don't understand what could have come into the zillow valuation algorithm to generate that pattern. The home did not add square footage during that time. Anyway... Thanks for the response. We'll keep plugging away at it.
  • January 07 2012
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Zillow and their estimates do not seem to be that realistic in Louisville. A realtor will certainly be able to help you by pulling sold houses and discussing the pertinent info. My personal opinion is that Zestimates do not adequately take in renovations and maybe most importantly the character  and the demand of the various neighborhoods.
  • January 02 2012
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Profile picture for Rita Walker
Zillow Expands and Improves Database of Homes
This was done in June.

Good Luck with your move. You should be able to get quite a bit of house here for much less than in Connecticut.
  • December 05 2011
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Profile picture for SethCraigoSnell
Thanks, Rita. Yeah. I totally get that one shouldn't pay too much attention to Zillow Zestimates, but as my wife and I are about to buy a home in the Louisville area, we are trying to make sure that we are making a good investment. Our recent experience selling our home in Connecticut tells us that many people are paying a lot of attention to zillow values. So, I would like to have a good understanding of what's going on with them.

We are already working with any agent here in Louisville. Thanks again for the response.
  • December 05 2011
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Profile picture for Rita Walker
Zestimates are just a tool used by Zillow. If you want a real estimate of what is selling and a true figure you must look at specific neighborhoods.
Find a good Realtor to give you a market analysis of the neighborhood specific to you.
If you wish, I can do that for you. Whether it is myself or someone else, it should be done at no charge to you.

This format does not allow me to attach the NAR statistics PDF or I would have posted those numbers for you.
  • December 05 2011
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