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Why is the value of our home so low?

Our home used to be valued higher then both our neighbors a year ago when we first purchased it.  We have the exact same sq. footage, but we have a pool, solar heat for the pool, a paving stone patio, covered patio, built in bbq with rotisseree, refrigerator, extra burner, bar, inside we have hardwood floors, wood shutters, granite counters, everything in this house is redone, new molding, appliances, bathrooms landscaping, etc. please advise, Ron and Tara Baldonado, 1677 Fordham Ave. Thousand Oaks CA 91360, okradiator@yahoo.com
  • March 11 2012 - Thousand Oaks
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Answers (4)

As you know, your area is mixed. You have Eichlers and traditional homes, and all really need to be valued with something more sophisticated than a free online value site. Zestimates are only ballpark values based mostly on size, not the amenities you speak of. Click on my photo to contact me for a more detailed estimation of you value if you would like. Take your 'Zestimate' with a grain of salt.
  • March 11 2012
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Great question! I have been a California Real Estate Broker since 1992. Zillow is an excellent tool for looking at neighborhood and community trends, but it is certainly not a substitute for determining exact value for a property. It should never be used for the purpose because of exactly the things you have identified that separate your home from the competition. The Zillow model simply looks at what is happening around you to determine your own value.  As others have said in the two posts prior to mine, values in this area have certainly come down since you purchased your home.  Feel free to contact me at any time if you are interested in a more thorough evaluation of the value of your home.  Good luck!
  • March 11 2012
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The answer is that no one knows why Zillow has valued your home as low as it has. It is interesting to see that the zip code and city graph lines have improved recently whilst your home value has contined to decline according to zillows algorithm. They ignore any money you invest in remodeling, landscaping, etc which makes their valuations even more nonsense than they they are already with the flawed zestimate algorithm, and lousy data integrity, in how they manage information they buy from 3rd party data companies.

Just as a final insult, Zillow refuses all requests to correct or delete an incorrect zestimate. It is time AVM sites like Zillow were subject to some form of regulation.
  • March 11 2012
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  The RealAVM is $525,000, with a range of  $441,087 - $609,121.  RealAVM™ is a CoreLogic® derived value and should not be used in lieu of an appraisal.  If you are not buying or selling or refinancing, then 'value' is what YOU feel your home is worth.  We have had price declines in Ventura County since you purchased your home.  The market seeks to be stabilizing and we may be in a plateau.  Experts predict a flat-line as far as future home price trends through this decade.  We may dip a little more, and then we may also have an increase.  So, I feel you should enjoy your home as a home, and not be concerned about what Zillow, CoreLogic or anyone else feels its current value is -- relative to other homes in the neighborhood.  That value is critical only if you are buying, refinancing or selling.  Enjoy your home to it's fullest!!!
  • March 11 2012
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