[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]

Originally Posted by 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.

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]

Originally Posted by vintageogauge

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]

Originally Posted by daveczo

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.

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?

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

[toeser]

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 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]

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?

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]

Originally Posted by Girlcopper

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]

Originally Posted by 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?

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.

[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.