Anyone else see drastic increase in Zillow value today?

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bigtex
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Anyone else see drastic increase in Zillow value today?

Post by bigtex »

I noticed my Zillow home value increased by 20k this past month. Are any of you seeing this too? I wonder if Zillow changed their algorithm or something?
Goal33
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Re: Anyone else see drastic increase in Zillow value today?

Post by Goal33 »

Housing market is going up but takes time to reflect in the data Zillow is using to make estimates. I’m up 150k in 2 weeks.
ut2sua
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Re: Anyone else see drastic increase in Zillow value today?

Post by ut2sua »

bigtex wrote: Mon Apr 05, 2021 3:02 pm I noticed my Zillow home value increased by 20k this past month. Are any of you seeing this too? I wonder if Zillow changed their algorithm or something?
It is just a very hot market right now.
rage_phish
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Re: Anyone else see drastic increase in Zillow value today?

Post by rage_phish »

yes. my house is on the market and just today shot up in their estimate of my home. hope its accurate, offers are due today!
bloom2708
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Re: Anyone else see drastic increase in Zillow value today?

Post by bloom2708 »

When similar houses in your area sell, your price may change quite a bit.

I wouldn't worry about $20k. Ours seems to fluctuate in a $50k range. I stopped looking and just keep a middling number for the house.
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Maverick3320
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Re: Anyone else see drastic increase in Zillow value today?

Post by Maverick3320 »

MCOL area here. People around these parts are buying houses with no conditions or contingencies and for above asking price, in some cases.

Zillow prices are probably just late to the party.
simas
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Re: Anyone else see drastic increase in Zillow value today?

Post by simas »

ut2sua wrote: Mon Apr 05, 2021 3:05 pm
bigtex wrote: Mon Apr 05, 2021 3:02 pm I noticed my Zillow home value increased by 20k this past month. Are any of you seeing this too? I wonder if Zillow changed their algorithm or something?
It is just a very hot market right now.
it is called inflation.. "hot" everything right now (also impacted by process called "currency debasement") - check out commodities, gold, etc
N.Y.Cab
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Re: Anyone else see drastic increase in Zillow value today?

Post by N.Y.Cab »

+6.7 % for the last 30 days but no real increase from all that zig-zags over the last 5 years.
Doogie
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Re: Anyone else see drastic increase in Zillow value today?

Post by Doogie »

We refinanced a couple months ago. I really wanted to be at 80% loan to value to get rid of PMI. I was biting my nails cause I thought it would be really close from what Zillow was reporting. They were showing 345K my loan was 280K. The bank came back and said don't even worry about the appraisal because Realtordotcom was at 375K.
jarjarM
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Re: Anyone else see drastic increase in Zillow value today?

Post by jarjarM »

Got curious and just checked, went up $400k in the last 30 days as some of the more crazy sales in the neighborhood finally got updated.
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Re: Anyone else see drastic increase in Zillow value today?

Post by radiowave »

Yeah, $20K+ from the other day for us.
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Tim_in_GA
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Re: Anyone else see drastic increase in Zillow value today?

Post by Tim_in_GA »

Mine jumped 3.5%. Seems a little high for the local market.
jpmorganfunds
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Re: Anyone else see drastic increase in Zillow value today?

Post by jpmorganfunds »

Impossible. Jerome Powell says there's no inflation.
dukeblue219
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Re: Anyone else see drastic increase in Zillow value today?

Post by dukeblue219 »

They do adjust the algorithm all the time, though, and you'll see that reflected in your past value as well. Past value isn't the previous history of Zillow Zestimates but is a CURRENT estimate of what the past value was (if that makes sense).

So all of that is to say... Zillow is what it is. It's not a bad estimator but it does jump around.
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Ice-9
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Re: Anyone else see drastic increase in Zillow value today?

Post by Ice-9 »

For at least a couple of years, I felt Zillow had the more accurate number and Redfin was wildly exaggerating the estimate for our house. As I check today though, Redfin looks in line with recent sales in the neighborhood and Zillow is 6% higher. I mean, it would be nice if Zillow were right, but I don't believe it.

I also notice Personal Capital's tracking of the Zillow value broke more than a month ago and stopped updating when the Zestimate was a good bit lower. PC has a note in their help that they're "working on it" and users who want to can track the actual Zillow value manually. No thanks, I think I trust the out of date number more, and that would be too much work anyway. :happy
Last edited by Ice-9 on Mon Apr 05, 2021 4:08 pm, edited 1 time in total.
Normchad
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Re: Anyone else see drastic increase in Zillow value today?

Post by Normchad »

Well, I’ll be dipped. I’d previously posted that my zestimate had increased by 50K in the last month. It’s up another 25k today.

I’m almost at the point where if somebody rang my door bell, and offered me that amount, I’d just take it and move to an apartment. That number is completely absurd, but probably realistic.
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Re: Anyone else see drastic increase in Zillow value today?

Post by jarjarM »

Normchad wrote: Mon Apr 05, 2021 4:07 pm Well, I’ll be dipped. I’d previously posted that my zestimate had increased by 50K in the last month. It’s up another 25k today.

I’m almost at the point where if somebody rang my door bell, and offered me that amount, I’d just take it and move to an apartment. That number is completely absurd, but probably realistic.
I'm feeling the same way. If DW allows, I would sell now and just rent for next year. :beer
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novolog
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Re: Anyone else see drastic increase in Zillow value today?

Post by novolog »

jpmorganfunds wrote: Mon Apr 05, 2021 3:57 pm Impossible. Jerome Powell says there's no inflation.
Correct - inflation cannot occur outside of the CPI metric. :twisted: :twisted: :twisted:
Candor
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Re: Anyone else see drastic increase in Zillow value today?

Post by Candor »

Mine popped up $9000+ today. I live in a shack.
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Small Savanna
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Re: Anyone else see drastic increase in Zillow value today?

Post by Small Savanna »

I didn't realize checking Zillow like this was a thing. So I don't know what happened today, but it says our house is worth about 25% more than we paid in 2018. Is the Atlanta market that hot?
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Re: Anyone else see drastic increase in Zillow value today?

Post by Broken Man 1999 »

LAST 30 DAY CHANGE
+$26,182


I don't know if this is a drastic increase or not, as I don't normally look at our home's value on Zillow, or anywhere else. Interesting, but not particularly useful. No interest in selling, and I don't really track our NW.

I suppose a rising value is better than a value that is declining.

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Tim_in_GA
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Re: Anyone else see drastic increase in Zillow value today?

Post by Tim_in_GA »

Small Savanna wrote: Mon Apr 05, 2021 4:28 pm I didn't realize checking Zillow like this was a thing. So I don't know what happened today, but it says our house is worth about 25% more than we paid in 2018. Is the Atlanta market that hot?
It’s doing pretty well. I checked my old house down there that I sold 6 years ago and the value is up 55% since then. That house had multiple offers the weekend it was listed. Crazy thing is, my current house in Ohio is half the size and valued the same.
New Providence
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Re: Anyone else see drastic increase in Zillow value today?

Post by New Providence »

Buy now or be priced out forever! :D
as9
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Re: Anyone else see drastic increase in Zillow value today?

Post by as9 »

Ours went up $24k overnight. It’s $70k higher than Redfin now and I think it’s actually closer to current market value.
barnaclebob
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Re: Anyone else see drastic increase in Zillow value today?

Post by barnaclebob »

Zillow is diverging from redfin for my house. Zillow is now 200k (~15%) greater than redfin. I believe the redfin value is more accurate at the moment.
ScaledWheel
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Re: Anyone else see drastic increase in Zillow value today?

Post by ScaledWheel »

Another person chiming in to say that I use Redfin to actually get an estimate for my house (for net worth tracking purposes). I'd very much like the Zillow number to be true, but they seem to be especially optimistic in the last few months.
djsander2022
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Re: Anyone else see drastic increase in Zillow value today?

Post by djsander2022 »

Ours went down from about a month ago, but jumped a whopping 2k this weekend. However, we live in a VLCOL are a were we will gladly accept anything over $100/square foot when we sell.
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Re: Anyone else see drastic increase in Zillow value today?

Post by willthrill81 »

Zillow is estimating our home to be worth about the same now as it was back in September, but I know that's not accurate. In fact, Zillow's estimate is probably at least 15% lower than our actual market value.
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ResearchMed
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Re: Anyone else see drastic increase in Zillow value today?

Post by ResearchMed »

I just checked, and our Zillow estimate went *down* by a fairly large amount (more than I used to see it going up at any single time).

But at least this makes partial sense. I think the Zillow estimate is waaaay high.
It's considerably above the Redfin estimate, and even that I wonder about.

And we certainly are not counting on anything even remotely like this, not in the even vaguely near future.

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rebellovw
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Re: Anyone else see drastic increase in Zillow value today?

Post by rebellovw »

WooHoo - up 20K.
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Scott S
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Re: Anyone else see drastic increase in Zillow value today?

Post by Scott S »

When I mouse over my place on the map, the estimate is $20k over what we paid, but when I click on it, the detail view re-adjusts to about what we paid. Same thing happens with nearby houses -- the price quickly drops several thousand between the map view and detail view.

Is this some plot to make a whole neighborhood seem ritzier at a glance? ;)
Last edited by Scott S on Mon Apr 05, 2021 5:42 pm, edited 1 time in total.
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Re: Anyone else see drastic increase in Zillow value today?

Post by mervinj7 »

ScaledWheel wrote: Mon Apr 05, 2021 5:12 pm Another person chiming in to say that I use Redfin to actually get an estimate for my house (for net worth tracking purposes). I'd very much like the Zillow number to be true, but they seem to be especially optimistic in the last few months.
I stopped using Zillow/Redfin for net worth purposes. Too much variability from month to month. Instead, I follow the CA Prop 13 model of valuing the house in my financial summary spreadsheet. Each July, I increase the value of my house in my net worth line by a fixed 2%. Nice straight line.
oyster99
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Re: Anyone else see drastic increase in Zillow value today?

Post by oyster99 »

Yes, it went up in proportion to the number of TV commercials from new companies wanting to buy everybody's house. That must be a no-cost business to get in to, or at least these new companies must think so. I see a couple new company ads what seems like every day.
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Re: Anyone else see drastic increase in Zillow value today?

Post by MarkRoulo »

bigtex wrote: Mon Apr 05, 2021 3:02 pm I noticed my Zillow home value increased by 20k this past month. Are any of you seeing this too? I wonder if Zillow changed their algorithm or something?
It isn't just you.
DesertDiva
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Re: Anyone else see drastic increase in Zillow value today?

Post by DesertDiva »

I don’t check Zillow. If I want/need an accurate number, I would pay for a bank appraisal.
Thesaints
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Re: Anyone else see drastic increase in Zillow value today?

Post by Thesaints »

Scott S wrote: Mon Apr 05, 2021 5:39 pm When I mouse over my place on the map, the estimate is $20k over what we paid, but when I click on it, the detail view re-adjusts to about what we paid. Same thing happens with nearby houses -- the price quickly drops several thousand between the map view and detail view.

Is this some plot to make a whole neighborhood seem ritzier at a glance? ;)
Maybe it is simply rounding off in the map view ?

My estimate went up 100k and change since March 28th...
Take5Man
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Re: Anyone else see drastic increase in Zillow value today?

Post by Take5Man »

As of 4/5/21, the diff btwn Zillow and Redfin on my home is $80k in total value. Zillow higher
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22twain
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Re: Anyone else see drastic increase in Zillow value today?

Post by 22twain »

bigtex wrote: Mon Apr 05, 2021 3:02 pm I noticed my Zillow home value increased by 20k this past month.
From what? $20K on top of $100K is a big deal. $20K on top of $1 million, not so much. :wink:

It looks like our house is up about $4K from the last time I looked, from $155K to $159K.

The house next door sold last week for $228K compared to $164K three years ago, but it's bigger, and I've heard the last owners spent a lot of money on renovations. Judging from the pictures on Zillow, it's a lot nicer looking inside than our house. And the lot is twice is big as ours. Frankly, I was suspicious of the former price. I think it was artificially low because the previous owner died and the heirs probably wanted to get rid of it quickly.
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bigtex
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Re: Anyone else see drastic increase in Zillow value today?

Post by bigtex »

Scott S wrote: Mon Apr 05, 2021 5:39 pm When I mouse over my place on the map, the estimate is $20k over what we paid, but when I click on it, the detail view re-adjusts to about what we paid. Same thing happens with nearby houses -- the price quickly drops several thousand between the map view and detail view.

Is this some plot to make a whole neighborhood seem ritzier at a glance? ;)
No it just means it will update in the next day or two to reflect that higher at a glance price.
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Re: Anyone else see drastic increase in Zillow value today?

Post by quantAndHold »

mervinj7 wrote: Mon Apr 05, 2021 5:42 pm
ScaledWheel wrote: Mon Apr 05, 2021 5:12 pm Another person chiming in to say that I use Redfin to actually get an estimate for my house (for net worth tracking purposes). I'd very much like the Zillow number to be true, but they seem to be especially optimistic in the last few months.
I stopped using Zillow/Redfin for net worth purposes. Too much variability from month to month. Instead, I follow the CA Prop 13 model of valuing the house in my financial summary spreadsheet. Each July, I increase the value of my house in my net worth line by a fixed 2%. Nice straight line.
I’m guessing that leaves your house wildly undervalued in your net worth then?

Using Zillow as the ground truth will give a false sense of precision, and checking Zillow more often than once a year or so will cause a lot of bouncing around, but it’s gotta be more accurate than just adjusting it by 2% per year. Your home value doesn’t increase in a straight line any more than your stock portfolio does, and anyway, 2% wouldn’t be an accurate number to use. I mean, the property tax value on the house I bought in 1997 for $235,000 is now $343,000. Zillow says it’s worth $1.4M. Looking at recent sales, $1.4M might actually be a bit low. That’s more like 9% per year.

My approach is every year or two, I look at Zillow, round down to the nearest number with five zeros, and call it good enough. Since I’m busy living in it and have no immediate plans to sell or refinance, that’s as much precision as I need for my financial planning.
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chuckb84
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Re: Anyone else see drastic increase in Zillow value today?

Post by chuckb84 »

Yah, ours is up $40K today. I don't put much faith in these "estimates", in part because I have no idea what they're based on. In the end, the "value" of your house matters only when a buyer signs on the dotted line.
jibantik
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Re: Anyone else see drastic increase in Zillow value today?

Post by jibantik »

As much as we want these prices to be real, they just cannot be. Mine is like 20% higher than an appraisal 4 months ago and 40% over the tax value and redfin value.
bob991
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Re: Anyone else see drastic increase in Zillow value today?

Post by bob991 »

7% in the last 30 days. 4.7% since 4/1. The market around here is really hot, but this does seem unbelievable. Although I do think Zillow estimates to some extent are self-fulfilling.
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Re: Anyone else see drastic increase in Zillow value today?

Post by drk »

It looks like Zillow's estimate for my house did increase about 1%. Sunday night must be when they run their model updates.
Take5Man wrote: Mon Apr 05, 2021 5:56 pm As of 4/5/21, the diff btwn Zillow and Redfin on my home is $80k in total value. Zillow higher
Mine is exactly the opposite: Redfin's estimate is $80k higher than Zillow's. Judging by other commenters, your area is more typical.
260chrisb
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Re: Anyone else see drastic increase in Zillow value today?

Post by 260chrisb »

I don't see the value of tracking this unless you're getting ready to sell. I'm not sure how to take Zillow except with a grain of salt maybe. I just looked and according to them my home is worth about 300K more than I paid for it 5 years ago. Ya, I think I'd move maybe.....or not! The market is hot but this is hard to believe.
Old Guy
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Re: Anyone else see drastic increase in Zillow value today?

Post by Old Guy »

Zillow undervalues my house by $130,000 based on an appraisal for a refinance. Realtor.com values the house $90,000 more then Zillow, but still under the appraisal, even though Realtor doesn’t include the nearly 800 sq feet of living space the previous owner added in 2013. So, it all seems pretty useless to me.
Last edited by Old Guy on Mon Apr 05, 2021 8:17 pm, edited 1 time in total.
tiburblium
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Re: Anyone else see drastic increase in Zillow value today?

Post by tiburblium »

Its been ripping on zillow for the past year, up 3% today. Realtors and “buyers” keep cold calling asking if I want to sell.

Not sure how useful the Zestimate is though, The few houses listed around here are priced quite a bit higher then Zillow estimates, and they are all selling instantly
brian91480
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Re: Anyone else see drastic increase in Zillow value today?

Post by brian91480 »

This is not happening everywhere. 2 houses that I own are up 3% and 2% in the past 30 days. I live in a fast growing city, both houses are in good neighborhoods, and the housing market is red hot here as well.
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TheTimeLord
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Re: Anyone else see drastic increase in Zillow value today?

Post by TheTimeLord »

Talk about weird, mine up 7% from when I read this post this afternoon. Seems highly unusual.

Edit: I found the answer, it was display the March price earlier and now displaying the April estimate.
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