Profile picture for bookreader1936

Why is the value going down?

I don't understand why the value keeps going down. House is in good shape with central heat and air and a brand new roof with archtectural shingles with 30 yr warranty. The house in rented and yard stays mowed. Windows are all insulated and the angle bay has a copper roof over it. The house beside me has 200 less square feet and is valued at $2000.00 more.
  • April 18 2011 - Winston-Salem
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (8)

Profile picture for Sharon Lewis

I love Winston-Salem, its a quick drive for me from the Raleigh area and is such a beautiful community. I think the best way for you to know what the true value of your home is, would be to contact a local realtor, if you don't know anyone, contact me and I can put you in touch with someone there. I have a very good friend, who is a retired realtor from Winston Salem but she knows a lot of active , good ones.

  • April 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

All of the answers given are good responses to your query. Zillow is general and not considered reliable to banks as assured methods of evaluation only guides. Don't give too much weight to this. Your best bet is by a professional and getting more than one opinion will better your knowledge on what the value truly is. Realtors and Appraisers are both professionals and both have licenses to conduct business in their respective fields. Not all appraisers will give you the exact same "opinion" nor will Realtors, but with a few opinions, you'll be better equipped at understanding what your home value is and what the market conditions are. If you have any other valuation questions, feel free to contact me at www.benchmarkappraising.com. The Winston-Salem area is one of my coverage areas as a professional appraiser.
  • April 26 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis

Its a Zestimate, only, the true value of your home can be discovered from a professionally done Comparative Market Analysis or professional appraiser. I know a lot of people get upset with Zillow's prices, but the company states that its an guesstimate,estimate and for true value , use a professional. You can tweak your home, go in and claim your home, and upgrade a few things.

  • April 21 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Zillow's algorithmic estimates are pretty good for tracking the trends in an area.  But the actual value of a home has many variables that require human evaluation.  The condition of a property, the views, and upgrades are key factors in zeroing in on value.

I don't think that appraisers are the best estimators of value either.  I'm primarily an investor/realtor and I fight appraiser estimates frequently. Their typically low appraisals can have a nasty impact on the sale of your home though.  So be aware.

For the best estimate of value, find one or two great local agents in the area to give you a current estimate.  They should take into account the homes that have recently sold, the drop in value of your home relative to recent sales (In San Diego the drop is approx 5% this past year), and the key variables mentioned above.  In return, the realtor from who you ask for an estimate may want a shot at listing your home when you sell.  But heck, if he/she was good at pricing, a prime skill area, you'll benefit from the relationship.
  • April 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
There is a big difference between value and the Zestimate. My guess is that your area is trending down overall so the Zestimate is trending down too. Many areas value can be affected by foreclosures or short sales that sell nearby. Zillow looks at the trend and the Zestimate often adjusts up or down with that.

http://www.zillow.com/local-info/NC-Winston--Salem-home-value/r_41760/

The Zestimate is not an appraisal. A local agent can tell you what is going on and give you a more tailored estimate of value called a CMA based on the latest information in your market. Zillow cannot see your house so if you re concerned about your value, I would suggest calling a local agent for more information.
  • April 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Although many factors affect pricing,in a down market,excessive inventory becomes a key driver. For example 1 to 2 months of inventory indicates double digit appreciation while 9 to 10 months of inventory indicates double digit depreciation. 5to 6 months is price stability.
  • April 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for BryanDunaway
Simply put: Supply and Demand, There is a large supply of homes on the market and fewer qualified buyers due to many factors, economy,unemployment etc. Also a large amount of foreclosures and short sales are pulling the market prices down. It is not just your home or your town,it is everywhere. And lastly the Zillow Zestimate is a guess at best. They have never been to your neighborhood or seen yours or your neighbor's house.There is no way for them to be accurate within $2000.00
  • April 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Are  you referring to the zestimate?  Or have you conducted an appraisal?  Are you looking to refinance or sell? 

The house next door's value may not have been updated in the Automated Valuation Model.

  • April 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.