Jeff, my thinking used to be exactly like yours. Until I saw that property value line going straight down, month after month, while every other property in the neighborhood went up, month after month. That’s a pretty weird algorithm.
At first I thought maybe a foreclosure sale had dropped values in the area. But nope, only value that dropped was mine. (One second while I put on my tin-foil hat).
I emailed Zillow and got the boilerplate response: We use an algorithm which takes into account many factors…yada yada yada.
Looked around at their website, and found that a ton of people are complaining about Zestimates not making any sense. One guy had two identical lots – one with a house on it, the other empty, and the empty one was the one with the higher Zestimate. Go figure.
I don’t want to beat this horse to death. Thanks everyone for your thoughts.
