[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]

Originally Posted by 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?

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]

Originally Posted by 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?

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.