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Why the estimated home value is decreasing?

The residence at 10 Sunset Way, Muir Beach, CA is in a unique beach community that has sustained increased values. Despite this, our residence in decreasing in value by over 20% despite other homes in the area increasing. Can you outline why this is? The real estate agent most familiar with Muir Beach estimated the value at upwards of 850K yet your value is now at 710K and dropping. We don't understand the discrepancy.
  • January 23 2013 - Muir Beach
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Answers (1)

The algorithm used by zillow and other such sites uses data from public records and is a general estimate based on the overall transactions in a large area. It's best suited for banks and institutions to evaluate their portfolios and holdings. In general, the less sparse the area in question, the more inaccuracy there is with individual estimates.

People usually quote or use these estimates only when it serves their purpose ... it is what it is. 
  • January 23 2013
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