Profile picture for nevanoff

Why do Zestimates continue to decrease in zip code 77005, West University?

I'm sure all my neighbors will be as surpised as I was to learn that our home values have decreased 50% since May 2010.  Something is seriously amiss with your database, as I have had three appraisals in this time period for purposes of refinancing and home equity, and values have remained stable.  The economy in the Houston area remains strong.  Very disappointed with Zillow.
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February 08 2012 - West University Place
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Answers (3)

Profile picture for sunnyview
I love that neighborhood and think that is is the best location in Houston by far, but I'm a wee bit biased. That aside, Zillow's Zesitmates for Texas and Houston are pretty far off since it is a non disclosure state. They simply do not have the information that they need to come close on those estimates.

The other issue for West University is that many houses are sold for high prices compared to other areas of Houston, but they are actually teardowns and being sold for lot price. All Zillow has are numbers so they do not know that and sometimes throw them into the numbers mix as actual sales information/trends.

You have to let it slide off your back in this case. You live in a great neighborhood, everyone in Houston knows it and I have no doubt that the agents who sell houses in that area will educate their buyers before they make an offer.
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February 08 2012
Profile picture for nevanoff
Thanks, I figured I wouldn't get anything but at least wanted to vent.  There's a couple of comparable homes for sale within a few blocks of mine, at a comparable price to what I would ask, and their Zestimate is at least closer to the asking price, so it sounds like a similar problem to yours.
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February 08 2012
Profile picture for msloripreston914
Good luck trying to get an answer from Zillow.  I, too, have had the same problem but it's isolated to just my home.  I live in a plan of 40 homes -- all being relavively the same square footage and condition.  While my home continues to lose value per Zillow's zestimate, my neighbor's homes continue to remain stable.  My home has decreased $40,000+ over the last two years, while all of my neighbors have not decreased more than $3,000.  My home has had recent improvements also, which my neighbor's have not.

I posed a question a year ago regarding this issue, and have not received any comments.  I've tried contacting customer service, which only tells you to go to the "advice" tab on Zillow and post a question.

What a run around.

Good luck!
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February 08 2012
 
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Why do Zestimates continue to decrease in zip code 77005, West University?
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February 08 2012 | 3 answers
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