Why would a home in an area of increasing value have a 15% decrease in a single month?

Profile picture for randyanderson1978
I recently look at my home on Zillow and noticed that the Zestimate included a 15% decrease for the month of May 2011.  The town I live in has been experiencing an upward trend (albeit slight) but there appears to be no reason for such a dramatic change in estmate.  I know there is are signficant assumptions utilized but this makes no sense and can't be good for the perceived value of the home.  Historically the home has followed the towns trend but now has gone off the wire.  What would cause this?
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0Yes

September 01 2011 - Weston
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Answers (3)

Profile picture for Teri Blakeley
Zillow does what they call a zestimate. If there was a home that was bank owned or foreclosed in your neighborhood that sold for substantially less this could effect the price of your home. However, if you are not selling your home I would not be concerned.  
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September 04 2011
Profile picture for SoCal Appraiser
Your area seems to have a good amount of data to arrive at semi-accurate values....

http://www.zillow.com/local-info/CT-Weston-home-value/r_9987/

DONT look at your individual home Zestimate, the AREA Zestimates (ie zip code %) is much more accurate. I never look at my home Zestimate, but I do look at zip code% info, as that is not filtered through an algorithim.
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0Yes

September 04 2011
Profile picture for Marc White NC

For some areas, Zestimates are completed wrong. My own home had a 100% change in price in two years, and then reduced 25% the next year, only to return to my sales price (year 5). They gather information off of current sales and without a condition report of the property, or if there are amenities that throw off the data, you may have to deal with major changes in Zestimates. If you are in a rural area, or an area with properties of all different conditions/amenities you will definitely see these swings in prices.

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0Yes

September 04 2011
 

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