Zillow Advice: Using Zillow - Why Have Zestimates Dropped in Austin on Average of $30000? http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ Zillow Advice | Zillow Real Estate Congratulations, Jonathan!&nbsp; ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ Congratulations, Jonathan!&nbsp; Enjoy your new home. Tue, 12 Jul 2011 21:52:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-12T21:52:00Z Thanks everyone! Really helpful ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ Thanks everyone! Really helpful comments. I have indeed asked my realtor the same question and he was saying that you can't trust a system that is purely based on numbers -- it the is the feeling that you get in the house, the updates, the neighbors, and in the end the value is as much as what people are willing to pay for it. The zillow estimate was spot on right when I got the house appraised (an official appraisal), but then it went down. I have noticed right when the algorithm changed all houses were in the $1 million range but then quickly declined. I am happy with my new home and thanks everyone for reassuring me that I made the right choice.<br/><br/>Jonathan Tue, 12 Jul 2011 21:39:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-12T21:39:00Z There's plenty of information ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ There's plenty of information online. The&nbsp;Zillow blog goes into extensive detail on how and why the algorithm was changed. It doesn't mean the value of your home dropped. It's worth just as much as it was before. However, the new algorithm presumably is more accurate than the old one. Fri, 08 Jul 2011 21:15:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-08T21:15:00Z Good comments above ... Austin ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ Good comments above ... Austin is growing, in population and employment, and average sale prices have shown remarkable strength throughout the housing downturn.&nbsp; The <a rel="nofollow" href="http://www.AustinMarketDashboard.com">Austin Market Dashboard</a> is updated monthly and summarizes key market metrics including sales, inventory, absorption rate, and average and median sale prices.&nbsp; For a little look into the future, building permits are usually helpful as well (see <a rel="nofollow" href="http://wp.me/pDa5E-x6">Austin-area building permits -- signs of confidence?</a>).&nbsp; Tell your mother that "the water's fine" in Austin.&nbsp; Although actual water has been scarce in Austin so far this summer, the drought has not stopped employers and new Austinites from moving here and keeping one of the strongest real estate markets in the country strong. Fri, 08 Jul 2011 21:12:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-08T21:12:00Z Also, it is important to ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ Also, it is important to remember that Texas is a non-disclosure state. Public access to sales data is not available in Texas the way it is in other states. I have asked Zillow to let people know that with a huge disclaimer because it is truly a guestimate of value and not based on actual sales data. Wed, 06 Jul 2011 16:54:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-06T16:54:00Z Because Zillow Guestimate, ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ Because Zillow Guestimate, I mean "Zestimate" is about as accurate as an atom bomb.&nbsp; They are a for profit company and trying to establish a "value" for every piece of property in America, without knowing the area (like a local Realtor would know).&nbsp; They are not considered accurate or up-to-date.&nbsp; The number was wrong before and they are making attempts to "fix" their calculations, but still wrong.&nbsp; I am glad they are trying to make it better, but still far off.&nbsp; For a free ballpark estimate, it has value and that is about it.&nbsp; No one in the real estate industry uses Zillow to establish value.<br/>Best of luck.<br/>Spirit Wed, 06 Jul 2011 14:53:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-06T14:53:00Z I noticed my son and daughter-in-law's ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ I noticed my son and daughter-in-law's property's zestimate in Austin after the algorithm change went down initially about 29K . Now I notice the zestimate has a 30 day change of $205,000 lower.&nbsp; I have a feeling I'm going to have a lot of explaining to do if they notice that. I sure am not going to be the one to tell them.<br/> Wed, 06 Jul 2011 14:49:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-06T14:49:00Z In the middle of June Zillow ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ In the middle of June Zillow <a href="http://www.zillow.com/advice-thread/Zillow-Announces-Zestimate-Improvements/403036/">rolled out a modified algorithm</a> for calculation of the Zestimates.&nbsp;&nbsp; Some places had a significant change up or down, others saw minimal change.<br/><br/> Wed, 06 Jul 2011 14:28:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-06T14:28:00Z I believe the Zestimate is ... http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ I believe the Zestimate is tied to the tax appraised value of the home.&nbsp; Maybe the sellers disputed their property tax appraisal and had it reduced.&nbsp; Remember, appraised value is a nice bench mark for values but it has little determination to what is actually the market value of a home.&nbsp; Consult your favorite Realtor to find what comparable properties in your area are selling for!&nbsp; Oh, tell your mom that Austin has some of the most attractive real estate potential anywhere in the country right now.&nbsp; Prices are stable, and Austin has good employment numbers and people are moving to town every day. Wed, 06 Jul 2011 14:23:00 GMT http://www.zillow.com/advice-thread/Why-Have-Zestimates-Dropped-in-Austin-on-Average-of-30000/406333/ 2011-07-06T14:23:00Z