Why is my home value suddenly lower than all those around me?

trons
Contributions:3

For years, my home value on Zillow has been higher than my adjacent neighbors, and the majority of my development, because I have the largest floorplan, and we are on a corner, "view" lot. Suddenly, last month, the value of my home dropped below all those around me, and stayed there. There has been no change in my property (sale, refinance, etc), nor that of my neighbors! It makes no sense why we suddenly dropped. Anyone know why, or what I can do to "fix" this?

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October 19 2011 - Camarillo

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Answers (2)

trons
Contributions:3

Thank you, I understood your thoughts. But it still doesn't explain why my house suddenly dropped, by as much as $30,000, in comparison to ALL of my neighbors -- not just one or two who might have done upgrades. Also, I did have "extra information" I had put into Zillow years ago. My neighbors didn't, and don't have that added to Zillow. There's just not a rational explanation for the sudden drop. And I thought it was perhaps a one-month glitch, but it's still that way in the second month. Frustrating! Thanks again.

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October 19 2011

Christia Raborn, "Chris BaltimoreMetro"
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First of all, don't panic, and remember that a Zillow estimate is a computer generated guess as to a home's value. The REAL value of your home is what a buyer would pay for it - computers don't buy houses. Computers get their information from publicly available information, and your expensive new kitchen (for example) isn't public info. On the other hand, a neighbor may have just built an addition, which adds to their square footage in the public tax records; that's something the computer understands, and it adds "value" to that house. The point is, don't sweat it, but if you just can't stand it, Zillow will allow you to "claim" your home, and add to the information it has on you. My bet is that if you just wait a little while, you'll see the value change again soon - remember, this is a system that "thinks" values can change 30% in a month!