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unexplained Zestimate decrease, changed history

We purchased our home (6 Longwood Road, Milton, MA 02186) in Oct 2009.  Through most of 2011 Zillow has valued it (Zestimate) between $630k and $670k.  Very recently the Zestimate dropped in significanty to around $610k and now to $583k.  The history has been adjusted too, maxing out at $630k for 2011.  Other homes on our street have not seen similar activity.  Also, there have been a few comparable home sold in the immediate area that should, in theory, raise the value.  Can you offer any insight as to why this may be happening?  We are currently doing a first floor overhaul that we would expect to push the value higher.  Thank you.
  • July 03 2011 - Milton
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Answers (3)

Keep in mind Zillow does not know of any updates you do to the home, or style, condition, floorplan etc.  The price you see is the mid-point of a wide range... so $600K is them saying  it's between $500K and $700K but everyone focuses on " The Number ".  Zillow data comes from public records and comparable sales... which are usually within a mile.  So although it would be ideal to only compare it to in your immediate area, the lack of comparables will push it out.  Any Realtor can do a much more in depth analysis for you that will include the items above ( condition, layout, style etc ) that a computer cannot do.
  • August 24 2011
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There are very low purchased prices in your area recently, of course Zillow as same as the other home valuation websites, they do not know the comps structure conditions, your property structure conditions, street type, etc... Only the local realtors or an appraiser who can gives the correct answer for your home value. (I do not intend to ruin your holiday weekend, but since you asked and follow the comps then it is.)
  • July 03 2011
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Okay you are not the first one on June 13,2011  Zillow made some improvements to Zestimate home valuations algorithm that may have impact your home's Zestimate.  As many realtors have said Zillow's zestimates have been not always correct it is better to have an in home appraisal done by a professional.
  • July 03 2011
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