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Why has my Zestimate plummeted by thousands of dollars since I listed?

Since listing my home for sale with a Realtor in March, my Zestimate has dropped more than $45,000. It was fairly steadily moving up right until the point I listed and has been a straight drop ever since. I've been told by my Realtor that the market is slow right now so it isn't even as if my home has been on the market an unreasonably long time. I see some houses in the area have gone down but not in the dramatic way mine has, not even houses right in my neighborhood. It's rather horrifying to watch it plunge, often hundreds of dollars a day without stopping for months on end. I'm starting to wonder when it will end---if my home will end up at $20,000 or something. I also worry the dramatic and unmitigated plunge will affect my home's ability to sell. Here is my home's listing: http://www.zillow.com/homedetails/906-W-Cedar-Ave-Duncan-OK-73533/84318400_zpid/
  • July 15 - Duncan
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Answers (1)

Profile picture for blue screen exile
Listing price is one of the variables used in the estimates (phased in over 6 months).  You lower the listing price, and you will lower the estimate as well.  The March estimates were distorted by other factors.

  • July 15
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