even Zillow is starting to reflect reality!

[Hormiguero_IHB]

http://www.zillow.com/HomeDetails.htm?zprop=25509155



Zillow has this place losing 100K in value and sliding into the lower half of the 300 $/sft range. Either Zillow is getting less optimistic and more accurate in their valuation model or the market really is falling that fast. Or a little of both!

 

[stepping_up_IHB]

I remember reading earlier this year that Zillow was making some adjustments to their model to improve their accuracy, but they didn't provide any details of what the changes were. At the same time, their zestimates started plunging. Freedom gave me his CS index figure of what our house would be valued at based on last month's sales, which oddly enough was exactly the same figure zillow had for their zestimate. It made me wonder if that's what they are doing? Every 3 days or so they update it too.

 

[biscuitninja_IHB]

It will be interesting to see what is going to happen with some of homes that are going to be REALLY slaughtered.

-bix

 

[billbaldi_IHB]

I'm going to buy in Irvine fro around 1M and Zillow is still way behind. I've looked at houses for sale for around 1.2 to 1.3 and they are sitting and Zillow shows them worth 1.7 m or so.

 

[alan_IHB]

My understanding is that the pricing model uses recent sales. A few months ago there were few or no sales so prices will reflect the higher bubble prices but as more sales go thru, the model updates.



Kind of like your golf handi, only your most recent 18 (i think) rounds are included in your average, so if you shoot a really low round you have to get a bunch in to get that off your list.