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Why is my house value decreasing?

A couple months ago, the value of my house had increased up to $264,000. Now the value is $250,000 and seems to be decreasing in value daily. Other houses around me are increasing in value. Why is this happening? I am refinancing in June and I know the mortgage companies as well as appraisers look at these values. The house across the driveway from me was estimated only $6000 more than my house, and now it is $269,000. This house is pending for sale at $299,000 currently. My value should be increasing too. Please help!
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January 29 - East Hill-Meridian
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Answers (4)

Profile picture for Pasadenan
"Won't you Please, Please HELP ME!"

If you think that lenders use this website for approval of loans, you are grossly mistaken.  It is against Zillow's terms of use, and is likely to get them sued if they try to do it.  Not to mention, it would violate RESPA.
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January 30
Profile picture for Pasadenan
"Help me if you can, I'm feeling Down" -

Read the Zestimate FAQ.  Especially the part about the 70% confidence interval, which is the RANGE posted with each estimate.  The value of your house and your neighbor's house didn't change a bit over the past 6 months.  You are "dreaming".  You are reading something into "estimates" that wasn't posted.  You are assigning way too much importance to "random noise", and the differences in what individual buyers buy at any given time on any given day.

Then read the Zestimate tolerance range for your county, calculated at the end of each fiscal quarter, to see how close the sold prices came in to the estimates.  At least Zillow provides statistics on their estimates.  You can't get any of the 1.2 million Realtors to provide any statistics of any kind on their CMA estimates.

You are getting confused by automated valuation model estimates.  Estimates are not appraisals unless you pay a licensed appraiser for it.

And appraisals are not AVM's, even though they still are only "estimates".

Just because when you get an "estimate" for work to be done on your car it is really a "quote" does not mean that any other estimates are "quotes".  They are not.  They are only ESTIMATES.

If someone told you that you could get a "free appraisal" on this website, they INTENTIONALLY LIED to you.  Just the same as the numerous other sites that give automated machine estimates for houses.  To get some other machine opinions of approximate value, see the thread:
What is the most complete list of Home Estimating websites that you have seen?
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January 30
Lenders and appraisers don't use zestimates so no worries
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January 29
Banks and appraisers do not use Zillow values.  

An appraiser will use 3 (or more) comparable properties to estimate value.  If the house across the street does sell for 299 and it really is similar to yours (that is, same bedrooms, bathrooms, similar size, style and quality) then you should get a value of 299 (or thereabouts).

Zillow's estimate doesn't matter.  It really doesn't.  Similar homes in the immediate area which recently sold  matter a lot.

Why are you waiting to refinance until June?  Rates may be higher in 5 months.
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January 29
 
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