Home values

[Dannny]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

[vintageogauge]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

I don't think so, there is no way to calculate a drop of 10 to 20% in property values in a week. Do the listing say "price drop"? If so, it is most likely only a few homes that were over priced to begin with. TV just announced a price increase on new homes and they wouldn't be doing that in a down market.

[village dreamer]

yes, my house went down by 25k. but i don't care ill be in it till i die.

[John_W]

It's right on with my 2BR masonry CYV. I had an appraisal in 2018 because I got a reverse mortgage and it was $237K. Zillow at this very moment has my Zestimate at $257,800. I had $18,000 in work done between August and September. It seems to be spot on. It is down 1.3% in the last 30 days.

[JoMar]

Not a fan of Zillow.......but by their estimate my house went up 64K in the last 30 days. When I refied it was appraised at 480K.....today on Zillow 582K. Personally I think the appraiser was right on just knowing what houses near us sold for. Of course it really only matters what a buyer will pay right?

[vintageogauge]

I don't know how accurate Zillow is. My home is 3-1/2 years old and they show it as going up 49.3%, if someone offered what they show today, I would most likely be moving tomorrow. It also shows a decrease in value over the last 30 days as 0.1% I think using recently sold figures would be more accurate than Zillow.

[retiredguy123]

Zillow is very accurate and they track their accuracy by comparing their pre-sale estimate to the actual sale price for many houses. You can view their data and accuracy on the Zillow website. I think their accuracy averages about 3 percent. But, obviously, any individual house is only worth what a buyer is willing to pay. That is why they call it an estimate. So, no one can tell you what a house is really worth until it sells.

[buzzy]

Quick. Buyers should go to contract on the last house they looked at. History has shown that pullbacks like this only last about a week. Oh wait, that's the stock market. Nevermind

[Earlride]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?
My home value went up this week - currently 17% higher than when I purchased it in June 2019.

[msilagy]

ZILLOW is not a reliable source - don't look at their values too seriously

[Battlebasset]

Mine shows up $1,000 over the last 30 days. It is up $20,000+ since I purchased new at the end of 2018.

[westernrider75]

I don’t put too much weight on Zillow’s estimates. It constantly fluctuates up to 50k one way or the other on our house.

[jonathanb]

Don’t trust Zillow. They use comps out of the villages.

[nick demis]

Do people really monitor the value of their homes? The only time I checked the value of the home we lived in for 29 years and just sold before coming down was just before putting it on the market.

[Mac1996]

What goes up must come down.you all have been alive long enough to know that.

[Bay Kid]

Like an appraiser that didn't look at your property. Hard to give a real price.

[Nick B]

Don't rely on Zillow they are far from accurate.

[Girlcopper]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?
It is a buyers market right now but I dont know how long that willl last.

[Catalina36]

I would not trust Zillow. A 10% to 20% drop in house prices would be for a 235K home 23,500 or 47,000?? Not realistic. Check the Villages website for resale homes. The prices have been going up. Homes that were for sale in the 235K price range in Sept are now 239k and up. All 239k house are now all pending sales. It’s is getting harder to find a 3 bedroom home for under 240k now. Just like any purchase you must compare apples to apples.

[mrf6969]

I looked at Zillow, Realtor and Redfin. As an average of all those sites ours has gone up 10% over the past few months and 15 percent over this past year. Being located on open space behind the home is a HUGE plus in The Villages.

[richs631]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

Don’t rely on Zillow for market values. Zillow is computerized and only takes in certain things to value a house and condition is NOT one of them. Use a trusted real estate agent that works your area for a true & accurate number

[72eagleman]

Zillow works off from tax values and can be way off and they have no way to know if improvements were completed until a reassessment occurs. They have my home in NV undervalued by over $200K so I would not put to much faith in there numbers.

[merrymini]

Zillow is as accurate as trying to hit the moon with a sling shot but if you believe them, I would get the heck out of there, NOW!

[chrissy2231]

Mine increased $79,000

[garrykolb]

Nope - Zillow shows my home value is up 0.9% in the last 30 days and looks to be in the ballpark based on other resales in the area. We're on the north end in Briar Meadow.

[donfey]

Zillow "values" are bogus. While the history is usually of value.

[jbrown132]

Went on Zillow out of curiosity to see uh house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

I was looking at prices the other day and to be honest I didn’t see much change. Prices have continued to climb steadily for the past 10 years and to me compared to other areas of FL the prices are becoming over inflated. That is not a comment against TV, it is just a statement of fact. Not only in TV but around the country there has been a steady increase in real estate prices brought on by a booming economy and low interest rates. Everybody has enjoyed this ride but at sometime we will enter into another recession and there will be a major correction. The extent of the correction will be determined by how over inflated prices have become. I live in a CYV. Does anyone really believe that Patio and CVT’s are worth $200-$300k?

[kendi]

Zillow’s information is almost always lower than the actual value. We had our house up North appraised and it’s value is $60,000 more than what Zillow says. Saw the same pattern with other properties we’ve researched.

[Rodneysblue]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?
Our house increased by 2.7%.

[Garywt]

My house here continues to cheap up in value which is fine but not going anywhere. My northern house they are very low own as I just had it appraised and the appraised very is a lot higher then Zillow.

[Detbreakdown]

In 2015 the CEO of Zillow, Spencer Rascoff sold a Seattle home for $1.05 million, 40 percent less than the Zestimate of $1.75 million shown on Zillow a day later. Your house is worth what someone is willing to pay for it.

[DAVES]

Do people really monitor the value of their homes? The only time I checked the value of the home we lived in for 29 years and just sold before coming down was just before putting it on the market.


No, I don't either. But, confession, I am reading this thread. My view, home values.
Assuming you house is going up also works down. You need to live somewhere.
If, you home is up 10% the -place you will move to is also up 10%. It is a wash.

We sold our previous home, after living i it for 40 years for 6x what we paid for it.
WOW. I looked a bit and found that most everything else also went up 6x in those 40 years.

[jimdee139]

Zillow is not an accurate appraisal, just a rough estimate.

[daveczo]

I don't think so, there is no way to calculate a drop of 10 to 20% in property values in a week. Do the listing say "price drop"? If so, it is most likely only a few homes that were over priced to begin with. TV just announced a price increase on new homes and they wouldn't be doing that in a down market.

Yes, several people I know have mentioned this. Huge drop for everyone. Zillow must have changed their protocols.

[Dgammon1]

Just purchased a house there. There are so many houses for sale that listings are dropping the asking price up to $10000 after being on the market a week or so. It’s all supply and demand. Our purchase was $9000 under asking price.

[dewilson58]

Yes, several people I know have mentioned this. Huge drop for everyone. Zillow must have changed their protocols.
Exactly.
Zillow is just a calculation.
The sky is not falling.

[John41]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

Following weekly house values is like watching stock prices daily. Long term investors do better than traders.

[toeser]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

I have sold two homes in the last five years. Zillow's value on both wasn't even close (both overpriced). I doubt their valuation means much.

[pdp07]

Zillow is not even close to accurate, they even had to invent a word to fool the public and not be held liable for the BS figures the publish. "Zestimate", what the heck is a zestimate? How could anyone believe a price from someone that has not even seen the house? One house has no upgrades and is in poor condition, while the same model down the street has thousands of dollars in upgrades and is in move in condition both have the same "zestimate". It may be a good site to see what is on the market, but definitely not for prices. It would be like buying a used car sight unseen that was in a bad accident and remade instead of the one you could have had down the street that had been garage kept, well maintained, and was in mint condition for the same price. Think about it?

[coconutmama]

Went on Zillow out of curiosity to see house values in my Village. Houses have dropped in value 10-20% in the past week. Anyone else notice?

We look on Zillow occasionally for fun. They show our house down $600.

[Boilerman]

Yes our estimate on Zillow went down about $26k this week. Not concerned at all but would be curious as to why.

[Tom M]

I've been very impressed with Zillow. When we were looking at buying here I tracked over 50 homes before and after we bought and found the selling price to be most often within 5% of the Zillow estimated value (before the sale was made). Outside of an appraiser or a realtor they are the best ways to identify the value of a home IMO.

[TNGary]

It is a buyers market right now but I dont know how long that willl last.

Interesting that it is a buyers market, per the post. I have not been following TV market trends. Would be interested in more background on the statement, txs

[LianneMigiano]

Not a fan of Zillow.......but by their estimate my house went up 64K in the last 30 days. When I refied it was appraised at 480K.....today on Zillow 582K. Personally I think the appraiser was right on just knowing what houses near us sold for. Of course it really only matters what a buyer will pay right?

If the bank won't lend what the buyer can't pay by him/herself they'll be totally out of luck no matter what the seller wants to get.:bigbow:

[Villagesgal]

Zillow uses homes sold supposedly similar to yours to come up with their estimate, but in reality they are using any homes, patio homes, premier homes, ranch, etc so their estimate really is not accurate for your home; it's really a broad guesstimate. I live in a designer on a championship golf course and their comparables include patio homes, ranch homes, villas, all on interior lots and all over the Villages and even some non Villages homes even though I state my home is on a championship golf course. So, take their estimate with a large grain of salt. Better to have a realtor give you an estimate, it will be more accurate.

[retiredguy123]

Rather than throw darts at Zillow, I would suggest you go to their website and click on "zestimate" at the bottom and read how they calculate house values and their accuracy rates. You can also view your house information and make changes to it if you like. I think Zillow is an excellent website and it is used by millions of real estate agents and people selling their own houses. Obviously, if you list your house with a local agent, their input is likely to be more in tune with the local market conditions. But, in any case, it is just an estimate of market value.

[Joelack99]

Zillow is not very reliable on a macro level, but is totally unreliable when you look at any one house in particular. Your house is worth exactly what a buyer is willing to pay for it.

[joelfmi]

They need new kitchen and bathrooms for starters[ $90K, some roofs, new flooring, water heater upgraded electric panels box this only what I see on zillows home listing website. You have to be fool to pay their inflated prices:

[WindyCityzen]

If you’re south of 44, there’s not enough history/turnover for Zillow to crunch it’s algorithm. Even the Brownwood area.

[graciegirl]

ZILLOW is not a reliable source - don't look at their values too seriously

I look at Zillow and Reator.com and Redfin. They are fairly close to the actual value I have found.
Most homes EVERYWHERE have gone up even during the Pandemic.

[vintageogauge]

If you’re south of 44, there’s not enough history/turnover for Zillow to crunch it’s algorithm. Even the Brownwood area.

And the prices down there seem to be going up faster than the north for some reason.

[Dannny]

yea... something definitely happened . not just the normal variation as most folks are pointing out. for 8 years a steady year to year increase. this drop was shocking

[Dannny]

as would I..

[Rapscallion St Croix]

Here is my experience with Zestimate. I put my house up for sale and asked $35K above Zestimate. Got a very near full ask offer on day one. Within a day or two, my Zestimate went up to match the offer. Zillow has no way of knowing about all the upgrades we had accomplished. Here is the kicker....within a week, my neighbors Zestimates started to appreciate. In my opinion it is a unsophisticated and flawed application.

[vintageogauge]

Here is my experience with Zestimate. I put my house up for sale and asked $35K above Zestimate. Got a very near full ask offer on day one. Within a day or two, my Zestimate went up to match the offer. Zillow has no way of knowing about all the upgrades we had accomplished. Here is the kicker....within a week, my neighbors Zestimates started to appreciate. In my opinion it is a unsophisticated and flawed application.

True, unless you need a county permit for an improvement there really is no public record of what has been done to your home. it's very easy to rack up $100,000 in improvements once you buy a home.