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zestimate value change

the condo that I am considering had dropped the zestimate value about 300, 000 within 4 months and then climbed back to original value in 2 months, the same happened to several other condos in the building, but other condos in neighborhood haven't had any zestimate value changes during the same period of time. Is there any way to find out what affected the changes in condo that i am interested in? Thanks 
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November 30 2013 - Brooklyn
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thank you
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December 01 2013
Dear Icher34:

To answer you question, a lack of sales combined with a very low recent sale or two can cause the Zestimate to change dramatically in certain situations. Property values do not actually change that much in such a small time period (barring a catastrophic change in the global economy or something like a war breaking out, etc).

The Zestimate is determine by Zillow's computer program that takes into consideration many different criteria. It look s recent sales and comes up with a per square foot type estimate of price and then applies it to the subject property. Because of this the Zestimate can be very close tot he actual value or very different than the actual value of the property.

This is because the Zestimate does not take into consideration the actual condition of he specific property or the desirability of the specific location. As an example, some people may like being across the street from a school while other will not. Remember, a properties values is subjective based on the opinion of the person looking at it. Beauty is in the eye of the beholder, hence, different folks may have different opinions of value.

Although the Zestimate does offer some form of reference to give the consumer a general idea of values. You are much better off educating yourself as to the actual market value of properties in a specific neighborhood. You do this by making sure you are familiar with all the properties currently for sale in the neighborhood you like and also by researching comparable homes that have sold in the same neighborhood.

Rel estate agents can typically help you with that type of research in you need assistance. Good luck!

Sincerely,
Mitchell Feldman
Associate Broker
Fillmore Real Estate
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November 30 2013
 
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