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Why has the value of my house PLUMMETED in recent months as the housing market improves?

According to Zillow, the value of my house (3614 East Columbia Street) was in the 1.7 million range. Today, Zillow values my home at 1.658 when the values of all the other  homes for sale in Madrona have soared. Why is this happening? Is there any way I can can take my home off of your website?

  • December 01 2012 - Madrona
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Answers (1)

Profile picture for nwhome.us
If you go to the bottom of this page you'll find a link for About Zestimates.
If you go there and scroll down to Seattle you'll notice that the median error for the data in that town is 7.2%.  You'll also see what percentage of the time the Zestimates are within given percentages of actual sales prices.

The variation that you've described in your own value is miniscule compared to the margin of error that the program aims for.

The advantage of this particular site is that YOU have an opportunity to educate the program about your specific home.  Claim your home and edit the Home Facts, which is described in the Wiki page here. You'll also find information about how to choose comparable properties which is the most difficult thing for the Zestimate to do.  What you will find is that there is some attribute that the your other neighborhood homes have that is different than yours.  Some computer chosen comparable that has your attribute, sold for less money.  The computer has no idea about the difference in condition of the two homes, for example.  This is exacerbated by the fact that we have so many diverse properties in any given neighborhood. What means would you use to discern these differences if you weren't looking at each home, physically?
  • December 01 2012
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