Profile picture for user132018

Why has my property's value dropped so much on zillow?

My property was appraised at $350, 000 in 2007 and zillow first of all had incorrect information about my sq ftg listed different from the appraisal. my real estate assessment is much more than zillow's estimate
  • June 23 2012 - Suffolk
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Answers (2)

Profile picture for wetdawgs
Housing prices have dropped considerably in Suffolk VA since 2007.

If Zillow had the incorrect square feet, I can see you've claimed your home and edited the home facts today.  Excellent.   If there have been substantial changes in the home facts used in the Zestimate formula, the Zestimate will tend to take a couple of months to show full benefit.   (Please see "What is a Zestimate?")

You are also welcome to add your estimate of value with justification in the section on the home details page just below the zestimate table.
  • June 23 2012
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Zillow's values do not take into account if the surrounding homes in your neighborhood that recently sold were normal resale homes, short sales or foreclosures.  When an appraiser does an appraisal in our area he or she does not normally take into account short sales or  foreclosures as long as your home is considered a "normal" property.  This is most likely the reason that your value on Zillow is so low.  With that said the best way to determine the most accurate value of your home is to hire an appraiser (normally costs $350-$450) or to contact a local Realtor to run a Comparative Market Analysis for your home, which is normally free.  If you would like the latter done, please feel free to contact me anytime.  Thanks, David Caggiano
  • June 23 2012
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