Zillow posted an almost 20% drop in 1 month. Prop values are stable here, and your Zest is damaging

You posted an almost 20% decline in my prop value in one month and values here are stable or rising slightly. This is VERY damaging to me, as people DO look at this site. Why did this occurr? Property adress is 454 Upper RD, San Rafael, Ca. 94903
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September 16 2010 - San Rafael
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Answers (3)

Seems like all of your posts bash Zillow. If you dont like it, why use it ?

But why do you care what the value is ? Regardless of what Zillow or anyone else says, your home is worth what its worth. If you dont like Zillow, dont use it! And Eppraisal says your home is worth $980K.
And Trulia says the following - average sales price for similar recently sold homes is $183,983 in 94903. But of course Zillow is the bad guy.....

Your home is much nicer than most, much larger and probably has an ocean view. The median price for your zip is around $700K, and has gone UP 5%.

And how is it damaging to you? Sorry, I dont get why people get so worked up on Zillows opinion for no reason - it means nothing. If Zillow was not around, your home would be worth exactly the same.

Relax and enjoy your ocean view - know your home is worth a lot, and that you will only find out its actually and exact value if and when you sell it.
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September 16 2010
John,

I agree with Carrie. Like the RTC mess in the 80's property data that is released factors in national,regional and local numbers based on foreclosures and ridiculous terms in short sales. They are VERY subjective and computed with statistical formulas...that actually makes things worse. There is little or NO human or localized input.

Residential Real Estate is a very local business based on values and activity in your specific area down to your subdivision and street.

I would not worry to much about subjective values inserted here or any other web sites. Get with a local Realtor (a good one) and have them give you comps and what homes are appraising for...in the past 90 days! We are on the up swing in most areas.

Let me know if you need anything else.
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September 16 2010
Hi John,
The only reason I can think of, is that there might have been some homes aquired in foreclosure. When a bank forecloses on a proerty, it still gets recorded as a sale and a very low one as well. This goes into public record, which is likely what zillow uses to compute value based on sales in the area. This is the best explanation I can give you.
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September 16 2010
 
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