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.

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.

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

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

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.

Exactly.
Zillow is just a calculation.
The sky is not falling.

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

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.

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?

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

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.