Profile picture for mpzm
  • mpzm
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Zestimate on my home dropped by 30K overnight, but 30-day change is positive? What the heck?

It's not just my house -- it's the whole neighborhood. Yet if you go a few miles away, a condo that was recently valued at $40K less than my house is now valued the same as my house.
  • June 15 2011 - Whittier
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Answers (8)

Best Answer

Zillow corrects its previously method with a new algorithm and it affects to many houses in US, not just your home, click on the followed link for the information.
http://www.zillow.com/wik ... ovements/
  • June 15 2011
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Because of the unstable economy you will see a wide fluctuation of values in real estate.  A value 3 months ago could be very different today.  In the event you decide to sell I would contact a local REALTOR for a true assessment of your home.
  • November 15 2011
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Profile picture for mpzm
  • mpzm
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Thanks, Vanessa, but I am not selling. When I posted this question, I was unaware that Zillow had changed their algorithm, which affected many Zestimates.
  • November 15 2011
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Zillowestimate is just an estimate for a certain property. If you were to hire a real estate agent, they will be able to show you comparables and give you a more accurate value for a certain property. Let me know if you would like for me to help you in valuing your house and if you are considering selling.
  • November 14 2011
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Profile picture for jztherapist
Zillow lowered the value of my house by $56,000 in one month since implementing its new algorithm.  It's in  a 2-acre zoned area of $l million + homes in a top-rated Long Island school district (Cold Spring Harbor).  At the same time, it raised a similarly-sized Staten Island home on less than 1/4 acre to a comparable price. 
I believe that there is something very strange about these new values and wonder if Zillow is not creating a situation in which home prices are being driven down even further by these deflated "zestimates."
Would love to see an investigative piece by the Wall Street Journal or the New York Times.
  • June 26 2011
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Profile picture for mpzm
  • mpzm
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The pre-2006 historical data in my area reflected the actual market pretty accurately. Now, however, the changes since 2006 resulting from the new algorithm are clearly out of whack. Lesson learned: never take a ZESTIMATE seriously.
  • June 15 2011
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Profile picture for mpzm
  • mpzm
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Thanks to those who replied. This new algorithm is producing crazy Zestimates. It appears that condos have suddenly become much more valuable than single family homes.
  • June 15 2011
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Profile picture for wetdawgs
After the Zestimate algorithm was changed, the history was changed (see the link in the previous post). Therefore, The reason the 30 day change is positive is because it is comparing today's value with the value predicted by the new algorithm for 30 days ago.  That is a positive change.

There is much discussion about these changes in the advice boards today and yesterday, so you can get a lot more details and opinions by scrolling through.
  • June 15 2011
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