Profile picture for biddlemr

Why has the value of my home dropped over 10% since May while my neighboorhood value has increased?

My home's Zestimate has dropped by $13,000 since May but at the same time Zillow's Neighborhood trend graphs shows my neighborhood increasing in value during the same time.  Nothing has changed as far as new construction/destruction in the area. Obviously the housing market is still struggling,but I didnt understand why my particular house going down in value while my neighborhood steadily increased during the same time.

  • September 21 2009 - Randolph
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

Profile picture for BarbaraPasnak
No don't trust the Zestimate! I had a thought, how about Zillow gives me the difference when i don't get the sale I Need to start a good life for myself. Zillow put your money where your mouth is!
  • May 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, have a realtor prepare a CMA for you - this will offer a true picture (comparison) of other properties in your neighborhood. They include SOLD properties and properties that expired (never sold) and usually include some for sale properties (those have less weight since the price is not necessarily near market price).
I would not put much weight on Zillow prices. For example, I have worked an area and know the market price inside and outside and have a property for sale for $950K. It is priced right and Zillow says they are all worth about $500K. It is simply taking an average in the area and there is a mixture of million dollar condominiums near other lower valued homes. So, do not be upset about Zillow estimates. Contact an agent in your area. They can assist you with the comparison and give you a valid estimate of your homes value. Be honest with the agent if you plan on selling the home on your own - I am sure they will still provide you with this information.
  • May 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for BarbaraPasnak
I have a home in your neighborhood. My conclusion is ALL of the Zestimates in our area are wack and its going to cost us big $$$$!!!! Uneducated home buyers will not do the research and will trust this sites info, my house's zestimate is about 65k less then I believe its worth. Thats if my house is worth the 150k I believe it is. I bought it for 120k less then 2 years ago the zestimate puts it at less then 90k.
  • May 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for biddlemr

So you're saying dont put much weight with what the Zestimate is?  My tax assessment increased $30,000 this year but I think a majority of that was the city trying to make up for budget cuts.

  • September 22 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for real estate mike
the guess on this site is not your properties market value, period. You could have a realtor prepare a cma(comps) for you. What happened with your tax assessed value? best of luck  
  • September 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.