Profile picture for tteague

how can my house go down 90,000 in one week? Is that the market working. I think not....

I have lost credibility in Zillow. Over the course of a couple of years, my house went down 300,000 then back up to 680,000 now back down 90,000 in one day. This certainly is not the market working. I have agents now saying that they put no credibility in Zillow anymore for this reason.
  • May 12 2012 - Merritt Island
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Profile picture for rudygallus
zillow estimates and prices are mostly based on local guessing by local agents, by zillow's attempt at calculations and by zillow advertising dollars spent by Home Depot and local real estate agents where local stores hope that sporadic inflated advertising will spur more renovation and more sales. As for the advertising affecting zillow zestimates, this will show wild swings upward in summer wild swings downward in winter.

Zillow market prices have NO BASIS for real home values AT ALL and they should be ignored. Hire a local appraiser and look at recent sales of nearby similar homes...plus look at recent interest rates and recent "for sale" signs....never rely upon Zillow 
  • September 03
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Zillow does not take into account views, waterfront, boat access, agricultural improvements/structures, covered arenas etc. That can be an issue when houses that are close together have measurably different values in the marketplace to buyers.

All Zillow has are numbers so unless the improvements or features are reflected in a higher assessment, higher sales price or steeper trend over other nearby houses, they have no way to value them about neighboring houses. All AMV's have that same limitation, so they should not be used as a one number valuation of your home.
  • May 14 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I'm in disagreement with the previous response.  Zillow determines value using homes in close proximity to your property.  If you live in a large subdivision with many similar homes it can be very close on it's estimates.  

You can have issues if your property is valued much higher then surrounding homes.   Take for example in Florida if you have a $800k property on the water and a non-waterfront home valued at $200k which sells across the street.  The value of your property will fluctuate greatly due to lower valued home close to the subject property.



Blake Smereczynsky
[contact information and hotlink removed by Zillow moderator]
  • May 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

zestimates have no credibility...........they are mathematical guesses based on compilation of  public data.....forget about them!
  • May 12 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.