General Area in 85747>Question Details

valspe, Home Buyer in Tucson, AZ

Why did Zillow lower Zestimate home prices in the Rita Ranch Area?

Asked by valspe, Tucson, AZ Mon Aug 26, 2013

It appears from last week to this week every home has been devalued by 20k and more

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Answers

10
Rita ranch has not had the velocity of sales that Vail and Tucson have. It is like a little submarket. The great news is more house for your money in a nice area.
0 votes Thank Flag Link Sat Feb 21, 2015
Average home sales prices in Tucson did drop by 2.6% between October and December of 2014. The Median home sales price for the same period dropped only slightly.

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.
0 votes Thank Flag Link Sun Jan 18, 2015
Zestimates are zesty estimates (lol) based on computer data only....a very low sale in the area such as a short sale that needs a complete overhaul, could change the data and would not be reflective of your property's value. Nearby sales do affect us all, but the advice of a competent agent who knows both your home and the area will be your best source. If you are simply tracking for curiousity vs you are ready to sell, stay tuned! There is much buyer demand, bringing prices around.

Need that professional estimate? Please call. I work Rita Ranch and the surrounding areas.

Kat Tyree, Associate Broker
TucsonKat@gmail.com
520-730-5540
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Valspe,

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!

Good luck!

Shawn Devoid
Chartered Real Estate Consultant
Tierra Antigua Realty
520-352-9111
shawndevoid@tierraantigua.com
shawnintucson.com
HomesForHeroes.com
0 votes Thank Flag Link Mon Aug 26, 2013
Javier is correct. Their disclaimer is a way they let you know they are not experts in any area of the country and you need a local expert and that is your Realtor.
0 votes Thank Flag Link Mon Aug 26, 2013
Hello there,

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.


Javier Guillen
Keller Williams Southern Arizona
http://www.azrealestate-tucson.com
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Valspe,

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.

Best,
Michael Shiner.
http://www.tucsonrealestateliving.com
0 votes Thank Flag Link Mon Aug 26, 2013
Zillow and Trulia use very broad brush strokes for their estimates and they can be very inaccurate. The Rita Ranch area is one of the hotest markets around and prices were down two years ago but have been going up each year from 2010. There is less than 2 months of inventory available. Prices are going up each month. That is why it is best to use a local full time Realtor to get the information you like. Let me know and we can discuss what you are looking for.
0 votes Thank Flag Link Mon Aug 26, 2013
Good morning Valspe,

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 Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
SpiritRealty@cox.net
http://www.TierraAntigua.com
0 votes Thank Flag Link Mon Aug 26, 2013
The Zillow estimates are not always accurate. They are based on tax averages and are not specific to your property. I suggest asking a Realtor you trust in your area to give a market analysis. This will be from data of similar properties and give you a better idea of the value.
Good luck.
0 votes Thank Flag Link Mon Aug 26, 2013
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