Why is home value down when market is up?

Profile picture for P Bernazzani
Why has my home value decreased by from 350 to 300 when zillow reports an increase of 0.7%? My home value decreased dramatically AFTER I edited the profile to add central air (previously no air conditioning) and the addition of a bedroom. Also, I cannot get zillow to show the addition of the bedroom. This house has been priced in the 350 range for several years. Now it has dramatically dropped to 300 with no corresponding drop in the market. Please advise.
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June 16 2011 - Chagrin Falls
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Answers (1)

Profile picture for Pasadenan
All estimates from 2006 forward for the entire united states were recalculated due to some improvements in the data and improvements in the modeling method.  The estimates are relative, and so are the %changes.  The percent change does not take into account the change in calculation method.

As the estimate trends are to track the "market", and not to track "estimating method changes", it was necessary to recalculate the history too.  It will be done again.

for more information, see:
Zestimate Improvements

and

Updating the Zestimate
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June 16 2011
 

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QuestionWhy is home value down when market is up?
  • Latest answer by Pasadenan
  • June 16 2011
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