Zestimate valued my home at $1M as recently as July 2010, but has plummet by 60% since.

Profile picture for psnoyes
My Zestimate has plunged almost 60% just in the last 8 months.  You may want to re-evaluate  your algorithm in cases like mine, in Federal Way with land.
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April 09 2011 - Federal Way
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Answers (4)

Profile picture for Stan Humphries
Hi psnoyes.  Can you provide the address for your property?  Just saw your other query about seasonality in your valuation.  You can send me a direct message via Zillow as well if you don't feel comfortable sharing your address on this public thread. 

Thanks.

Stan
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April 11 2011
Profile picture for Robert Merhaut
There is no type of property in any Washington State market that I know of that has depreciated 60% in the last 8 months.  There can be specific examples, however, but I wouldn't worry too much about a Zillow estimate.
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April 10 2011
Profile picture for Brian Teyssier GRI
Do not panic, Zestimates are not accurate by their own account, http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
 
Good luck, hope this helps.
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April 09 2011
Profile picture for SoCal Appraiser
I would not worry too much on individual property Zestimate, but your area trends and stats should be considered.

http://www.zillow.com/local-info/WA-Federal-Way-home-value/r_45255/

Your home is worth that its worth regardless of Zillow.
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April 09 2011
 

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