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

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.

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

AND.... what a bank is willing to loan - IF it's financed!
 

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:

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.

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.

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.

A lot home owners I look to make killing, Most of the homes on zillow need upgrades
 

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:

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

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.

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

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

as would I..

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.