The drop in prices is primarily due to a drop in demand, in which home sales in 2014 were lower than 2013 in 10 out of 12 months.
Having said that, the change in home values can vary greatly depending on the area of the city or neighborhood, and even between homes in the same neighborhood. It is entirely possible that your home's value did decline; however, the other responses do a good job of pointing out how Zillow estimates values, their limitations and their actual error rate.
A local REALTOR, especially one familiar with Rita Ranch, could provide a professional opinion of your home's value. Our office is located in Rita Ranch and we would be happy to help.
Need that professional estimate? Please call. I work Rita Ranch and the surrounding areas.
Kat Tyree, Associate Broker
While all the information below is correct- I'm not sure your original question, "why did my Zestimate go down?", was answered. Zillow used to post 3 "similar homes that have sold recently" at the bottom of their Zestimate, basically the comps they used. They no longer do this. Back when they did, I looked at my Zestimate and wondered why it was so low. When I looked at the "similar homes recently sold", I saw that they were comparing my home to a home zoned residential/commercial that was located right on the main busy road. Out of the three "homes recently sold", they used this non-comparable property twice!
Back to your neighborhood- I have a feeling there may have been a very low sale in the neighborhood- maybe a foreclosure, short sale, or fixer-upper that isn't truly representative of all the homes & that a real person would know to throw out as a comparable.
Don't let the Zestimate worry you! We sold that home I told you about for 22% more than the Zestimate!
Chartered Real Estate Consultant
Tierra Antigua Realty
When viewing values on Trulia most likely you will receive unrealistic information for your properties since the information you are getting is not up to date, also not very accurate. I would love to assist or help you find the answers you are seeking. Feel free to visit me @ facebook.com/javierguillenaz or visit my website below and take a look around. I am always available to help.
Keller Williams Southern Arizona
I want to add that the zestimate takes an aerial snapshot in order to produce comps for properties. This can be spot on or further from the truth. Its basically a computer spitting out numbers based upon old and outdated inputs. I highly recommend speaking to a local realtor and get a free estimate for your homes value. This should not cost you a thing as most are happy to help and give advice. Please feel free to contact me directly.
I know the Rita Ranch area very well, I have bought several homes in that subdivision and the overall area code of 85747. Zillow.com and their "zestimate" are a nice free tool, but should not be a consumers only tool in their belt. Their "Zestimate" are based off public data sold data and they calculate an algorithm, the numbers changed overnight but to be honest, they were not that accurate to begin with. If you read their own fine print, they state the "Zestimate" may be off up to +/-20% which is a large swing, they suggest you speak with a local Realtor. That would be my suggestion too, please do not let their "Zestimate" get you down about your home or its value. Just a ballpark guestimate, enjoy your home.
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208