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House Value Drop

2260 Views 18 Replies 13 Participants Last post by  Admiral Nelson
Anyone look at zillow to gauge an estimate of where their house value stands? Well, I do...yesterday my house was standing at 255K (75K less than what I purchased it for) it is at 238K!!! I live south of Seattle and so far, we haven't been hit as hard as some places but looks like that might be changing now. :(:mad:
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Don't Take Zillow too seriously. As a certified residential appraiser I can tell you that their computer model paints with very broad strokes. I've seen plus or minus 25% in a number of cases.

Unless you plan on selling tomorrow I wouldn't worry about it. If you do, then hire a local professional to tell you what is your property is actually worth. A real appraisal involves a physical inspection of your property to judge quality, condition and special features. I don't know how they'll ever be able to do that with a computer model, you need a man (or woman)on the ground.
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