Profile picture for danielcannon

Zillow has dropped my home value $40K (7%) over one month?! WTF?

I started tracking my home value on Zillow about 3 months ago and was seeing $500-$1000 ticks one way or the other a couple times per week, generally trending up.  Now once per week for the last 4 weeks, they have dropped is $10K for no apparent reason.  It seems to be some formula they are applying to my area since all of the nearby houses show a similar drop.  But seriously 7% in one month?  That can't be right.
  • October 14 2009 - Malden
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Answers (5)

Profile picture for danielcannon
It's getting absurd now.  I'm down 12% since September 1 in a market that has already hit bottom.  ZEstimates are ridiculously bad.
  • November 30 2009
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Another factor may be that homes in your town have sold recently and the sold price is 7% lower than the last time you checked. I agree with the answers provided previously, contact a local Realtor for a CMA, but keep in mind the price it can sell for today can change by tomorrow. Hope this helps.
  • November 13 2009
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Profile picture for realestate02840

The real estate market is not an exact science though in in locales where there are subdivisions in similar condition and size it is easier to compare values.  If you live in such a community I would take these fluctuations seriously, but otherwise I would ask your real estate agent to monitor closed sales through the Multiple Listing Service. 

  • November 10 2009
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Profile picture for danielcannon
Thanks for the response.  I certainly don't trust it as any more than an indicator, but when I'm keeping an eye on equity levels for refi possibilities, its frustrating to see that big of a drop for no apparent reason.
  • November 10 2009
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Profile picture for shapiroamg
I wouldn't trust zillow for a value on any city/town in Mass. The housing stock is too varied in age/style/type to realistically track through some modeling program. Chances are though that some recent sales might have contributed to the decrease.
  • November 10 2009
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