According to www.zillow.com, My home lost $40,000 in the last 30 days, Is this an accurate estimate & does anyone else have the similar situation?

zillow is a farce. It shows the property that I currently live on as containing 2 homes with a value of over $240,000. In reality, it is a 1/2 acre with a single wide mobile home that has been here since the '70's, and has had a couple of rooms added. My landlord just offered me the place for under $150,000, and that is actually the high end of the local market.

YES, it could be depending on the area of the country you are in.

I am in the mortgage industry and I see it every day!!!

Does your home have a gambling problem?

Not me personally, but a teacher I know told me just this week that when she and her spouse went to refinance an arm, the appraisal came back $100k lower than a year ago--and they've done nothing but improvements.

Nope, our was up $26,500. Not that it matters. The market hasn't impacted us a bit--we custom built the place 4 1/2 years ago and acted as general contractor. We controlled the costs, so we came out way ahead and with a solid built house the minute it was completed. It was a headache, but I am glad we did it now. Whew!

That sux! I would go to a more direct source though... like a bank or a Real Estate office and get info to see if those numbers are accurate!

According to this website, it says here that my house doesn't exist, nor my subdivision. =|

I doubt this may be an accurate website. I'm not saying it's a bad website, but sometimes, other factors nearby your home can affect your value of the home, and some websites are unable to catch it.

All I can say is ouch!

This is just my opinion but I have found Zillow to be accurate to within $10,000.00. It takes the estimated value your county is taxing you on, compares that to the most recent cost it sold at and what other properties similiar to your in your area are going for. I have found it a great tool. Of course this is just my experience.

Theres all this panic about house prices falling. Does it really matter too much if your not going to sell up. After all you still need a home and Im sure the prices will rise again at somepoint. We have the same situation beginning here in the UK. Im not worried because im not selling up and moving on...yet

Ours lost 4,500 in the last 30 days, but 100,000 since this time last year. We really lucked out, because we refinanced at a very low rate while it was still worth more, and got a fairly high home equity loan based on that previous value, as well. We haven't had to use the home equity loan, but it's nice to have to fall back on.

We have owned the house for over 10 years, and the current value is showing nearly double what we paid.

my problem is that on the map the house they say is mine is actually my neighbors,and my other neighbors house is listed at a higher value than my and they have done no improvements and,it sits on a smaller lot. it might make more sense to gat an appraisal or a fair market value from a real estate professional. I personally wish I can get that HGTV show "My house is worth what?" or somebody as good to come to me.

wifey

Zillow is a data scrubber. It is not an appraiser and it is not a knowledgeable, local Realtor. Some states do not require mandatory sale price disclosures to taxing authorities; Zillow can't handle that. Some taxing authorities have no clue of actual fair market value; Zillow can't handle that either. If you want a fair market price evaluation hire an appraiser or work with a REALTOR.

well its depends upon the region your home is situated in. and its better to consult a real estate agent for this. I know one you can find out on http://www.davidkucic.com
They are very reliable and give up to date information.

Zillow is an "interesting" tool, but it is by no means accurate. In most areas, the "Zestimates" are based solely on the County-assessed Taxable Market Value. This number is pulled out of the air (or any convenient orifice) by the County Tax Assessor -- and bears absolutely no releationship to REAL market value, in most cases.

If you live in an area in which there is an abundance of foreclosed (bank-owned) properties, your property value will indeed be adversely impacted. I have seen parts of North Minneapolis collapse in value by as much as 80%, that is due in large part to vandalism of abandoned properties.

On the bright side, taking a $40K hit on an $800K house is really no big deal. Conversely, if you live in an $80K house, you may now be "under water" or upside-down in your mortgage. Valuations are all relative.

If you want a more accurate assessment, please contact a Realtor in your area. They can tap the power of their regional MLS to determine an ACCURATE value for your home (if the agent is seasoned).