Profile picture for iloveivy2

my current home value, now what?

Now that Zillow had decided that our entire community of over 150 beautiful townhomes in one of the most desired towns in all of America, is now worth so little, because of 2 out of the last 3 sales, I cannot even refinance my home anymore. Why is my home worth so little, when 2 people who sold recently, just up and left, and didn't care about taking a loss? (can I say forclosure?). My home recently had amazing home improvements and most guests walk in and say "wow", but according to Zillow, if  I were to list my home,at their value, no one would even give my entire community a second look! Thanks Zillow. I know you're proud of your accomplishments, but we are not impressed.
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February 09 2009 - Naperville
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Profile picture for sunnyview
This same problem is being faced by many people across the country. Zillow is the reporter of the sales from the public record, but without Zillow your local recorder would still have them available to the appraisers, banks and agents in the area that would use those REO sales to value your home. If you have remodeled you can claim your home and create an owner's estimate here. That may give you a more accurate value. Appraisers do not use Zillow. They have other sources of information that are more helpful to them like the MLS among others. The problem is the low comps in your immediate area. When those are gone, you value in the market and your Zestimate on Zillow is likely to recover. For now, all anyone can do is wait for the market to stabilize.
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February 09 2009
 
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