Profile picture for gsamos

Why is my house now the lowest valued property on my street?

When I first visited zillow 3 years ago I claimed my home and updated the info. At the time, it was one of the more expensive ones given the zestimate. Now, 3 years later, my house is now the lowest valued property on the street. Not just THE lowest, but lower than the second lowest by 15%! What's going on? (I should note that no one else on my street claimed their propert. I have a feeling that because I confirmed certain things about my home, what it has/doesn't have, my zestimate is being negatively impacted moreso, than if I had just left it blank.)
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March 08 2010 - Nashua
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Profile picture for gsamos
Thank you for your response. Houses around me have sold recently (within 3 months) for much more than my Zillow estimate. The variances of the properties are that I have a garage, finished basement, hot tub, and 3 season porch, the house that sold for 15% more than my Zestimate at the time, does not have these features. The houses are comparable one story ranches about 1k sq ft. My assessment was lowered this year, but still 20% higher than the Zestimate. I am never recommending zillow to ANYONE until this is resolved, never mind asking my neighbors to claim their houses. The only hope I have of selling is that the houses around me continue to sell for more than what Zillow would put them at! In terms of how often Zillow updates, I have continued to lose 3%/month for the past year.
On a separate note, regarding the integrity of this site, the mere fact that no one from Zillow has responded shows me that this is NOT a site to be trusted by anyone for purposes of valuation.
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March 31 2010
Profile picture for Travelinman85

I have the same problem.  Claimed my house and in 3 weeks it dropped 60K in value.  Zillow needs to respond to this.  Anybody else had this problem.  Buy adding in actuall improvements and upgrades the My Estimate went up but the Zestimate went down A LOT!  Something is very wrong. 

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March 31 2010
Hi Gsamos,
noone else claiming their property probably would have some effect on your homes value/calculations. Adding features to your home, or confirming info about your home may have also changed the zestimate. I do not know how Zillow calculates their values and how often they are updated. Obviously, if you were looking 3 years ago till today your value has dropped. How has your assessment changed in Nashua? have you had your home appraised?  I have buyers and sellers ask me about what they see on Zillow for values and I tell them that all markets are local and while the intentions of Zillow are there, you really need to know what is happening in that market now, features/benefits of a home that can not be categorized etc. like all things, the market will rebound, it is just a matter of when. ask your neighbors to claim their homes and see what happens? are/have any of your neighbors sold their homes recently (or are trying to sell). how do they compare to your home?
Will
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March 31 2010
 
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