Zillow estimate brougt down the value of my home. Why?/

When we first posted our add, our home value was more correct. Just in the last couple "weeks", they have dropped it down way below what we know it was worth in 2005 and now. I want answers!!!!!!!!!!!!
  • March 11 2012 - Lauderdale-by-the-Sea
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Answers (6)

Profile picture for wetdawgs
The reason your FSBO listing has a much lower Zestimate is the duplication of records.   Yours has no purchase history, nor tax history.  The agent's has all the historical records, and it is pretty normal to see much lower Zestimates without the historical tax and purchase history records.

Is there a reason you have it listed both FSBO and with an agent?   What does your agent think about this?    (Zillow tends to have trumping rules where only wins, so your property is most unusual showing both).

  • March 11 2012
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Profile picture for hpvanc
It looks like you inadvertently created a duplicate listing when you created your FSBO listing.  Here is the property page with the public information and agent listing, it has a Zestimate of $533,600. 

Is your property supposed to be listed by agent?  If so as far as I know you can only have 1 listing on it, the only way to get 2 listings is if a duplicate property is created without the full public record.  You can see why the lack of public information is not usually desirable for generating accurate Zestimates.
  • March 11 2012
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@David

"I am not shooting the messenger here, I just want answers and corrections!"

Looking at the details for your home it is obvious that the zestimate is WRONG and totally out of step with your neighbors similar homes. It is outrageous that a website like zillow can publish such nonsense valuations the way they do without taking any responsibility for the consequences on homeowners trying to sell their property. It is time that AVM sites like Zillow were subjected to some form of regulation as they have proved they cannot be trusted to act in a fair minded manner towards homeowners like yourself.

All I can say is 'good luck' and hope you find a way to 'proverbially' shoot the messenger as the zestimate is screwing you; whatever the zillow supporters will try and justify with platitudes and condescending comments.
  • March 11 2012
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We have had it appraised in November, and we know what it is worth.

So just leave it at that. Zillow's value are accurate from SOME homes, not all, and apparently not yours.

But it certainly can scare potential buyers away.

So Im assuming you are selling. If someone is in love with your home and wants to buy it, it matters little what Zillow says. I just sold a home for $190K over Zillows value and the buyer was sophisticated and worked for Google and know the Zestimate... they loved the home and didnt care about the Zestimate.

I just want answers and corrections!

Claim your home and edit the facts, that might help. Again, dont overthink it, and simply show any buyers your recent appraisal, not Zillow. NO ONE professionally in real estate goes by Zestimates when presenting an offer.
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Yes, WE know that it cannot bring down the "real value" But it certainly can scare potential buyers away. My real-estate agent also has my home listed on Zillow and ironically, all her "Zestimates"are correct, $533.600. Same house, same description, same photos and same price! How do you figure that one/why are they so different? Our Zestimate is $286,500. hmmmm? And you don't see a problem here?

Also….how can the "set value" in "2005"go from 850,000 to 467,000? That is a HUGE difference! It is telling the potential buyer that in 2005, our home was almost 400,000 less than we know what is was worth. Odd hu?

Our home has been completely remodeled since we purchased it, even added a 3 foot seawall and a new room. According to Zillow, the value is similar to what we paid for in 1998. Hmmm….Odd hu? $140,000 has been added to our home and it does not show in the value. I don't think so!

We have had it appraised in November, and we know what it is worth. I just wish the potential buyers would get a more realistic view. I am sure you can see my side of this.
I am not shooting the messenger here, I just want answers and corrections!

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Zillow may have lowered their Zestimate, but they cant 'bring down the value of your home', that value is intrinsic but will change over time. Zestimates and your homes value are not necessarily the same, dont get them confused.

Im not sure what you are speaking of specifically as your areas values have dropped 34% since 2005. That is a fact, and similar to many other areas, so you are not alone.

Take the Zestimate with a grain of salt, and consult a professional Realtor for a free CMA or pay a local appraiser for an appraisal for a more accurate value.

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