Profile picture for gracefan

Zestimate dropped dracmatically in one day

Hi, my house was listed for sale in October, at the beginning of November I withdrawn the house from market, for some reason my agent just updated the house as "Not for sale" at Zillow, but I noticed that in one day, the house zestimate dropped from 555.000 to 518,000 (over 40,000 decrease), what is the reason the zestimate could change dracmatically within one day? is it something to do with my agent when she update the house status at zillow? thank you!
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November 25 2013 - Fairfield
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Answers (5)

Remember, Zillow's zestimate is just an ESTIMATE. It does not actually represent the fair market value of your home. What does your agent say about this?
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January 09
Profile picture for Pasadenan
See the answer posted by one of the customer service reps this afternoon on another thread:
Price drop
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November 25 2013
Profile picture for SteadyState
As new data becomes available the result of the algorithm will also change ...Moreover most predictive estimators give more weight to recent data over past data - the market in your area must be changing.
It is also worth mentioning that paper losses (the home dropping in value by 40K) and the flip side, paper gains are not worth the paper on which they are written. Depending on when you really sell you will have an actual realized gain or loss that is actually worth something. Unless you want to sell now there may be no need to be concerned.
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November 25 2013
They probably just recalculated or modified the formula, or additional information came in.

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- This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.
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November 25 2013
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Mine also dropped $40,000 since yesterday.
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November 25 2013
 
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