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Answers (5)
- lorenne
- Contributions:3
Thanks for the input everyone- I guess we will just wait and see if the value changes over the next few weeks.
- sunnyview
- Contributions:25139
Hmmm. Then I don't know. I have talked to people on the board in areas where that information is not typically listed. When they add it and none of their other neighbors have it listed, their Zestrimate drops to what seems to be the lowest common sale in the area with that information listed since ZIllow has little to go on.
Generally, claiming and editing has the opposite effect and raises your value especially if you are adding rooms, bed/bath or square footage that Zillow's system does not have listed before the edit. When you edit, it takes about 6-8 weeks in my area for those numbers to have any affect in the larger Zestimate number so if you just edited it is unlikely that the drop came from that.
Take a look at the recent sales in your area. If a similar house that was an REO or short sale sold nearby recently that can drop your Zestimate by 25-40% depending on the area. That value drop generally recovers fairly quickly as soon as a more normal sale is recorded in the neighborhood at least from what I have seen in my area.
Generally, claiming and editing has the opposite effect and raises your value especially if you are adding rooms, bed/bath or square footage that Zillow's system does not have listed before the edit. When you edit, it takes about 6-8 weeks in my area for those numbers to have any affect in the larger Zestimate number so if you just edited it is unlikely that the drop came from that.
Take a look at the recent sales in your area. If a similar house that was an REO or short sale sold nearby recently that can drop your Zestimate by 25-40% depending on the area. That value drop generally recovers fairly quickly as soon as a more normal sale is recorded in the neighborhood at least from what I have seen in my area.
- wetdawgs
- Contributions:26854
It is disconcerting when huge drops like that is seen. One of the things that happens when there are few comps (which may be the case for your situation) is that the swings can be very big. In addition, it can take several weeks to several months for the Zestimate to reflect edits. It is quite likely as you are at about 3 weeks that these are not yet incorporated in the Zestimate
- lorenne
- Contributions:3
Yes- they typically have both listed. Thanks
- sunnyview
- Contributions:25139
I have heard of this before and have an possible idea about what might have happened. Do the houses in your area typically have square footage and bed/bath listed?
Why would my Zestimate have a huge drop when I update information that should increase the value?
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