Zillow House value is trending down wth

If you're not selling it it's just a paper loss.

The perfect scenario with Texas property taxes would be to have a tank in value, then a massive upswing 20 years from now right before I sell

First its Zillow. Don't get too worked up. What area of Dallas?

Look at comps in your neighborhood and adjust the price per sq ft to your house. That's way more accurate than Zillow.

I’m not very concerned just more curious why Zillow would be trending down now. I looked my home on a few sites and it looks like it not all doom and gloom. Zillow is shite so excuse my thread

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I think this is what happened. Every home in our neighborhood is valued between 385 and 600. Looks like a home on my street sold for 158 which caused the homes on my street to go down on Zillow.

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When I bought a condo about five years ago for $131,000, the realtor put it into Zillow (or whoever inputs this info into Zillow) as $13,100.

Lol at Zillow.

Says the first house I owned and sold is worth about 30% over appraisal.

Second house has the “zestimate” at $125,000 less than it sold for (at appraisal value) earlier this year.

Current house has a “zestimate” of $95,000 below appraisal that was done 6 weeks ago.

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The easiest path towards making folks understand you think about your real estate investment without really understanding real estate is to post about Zillow having any basis in reality when it comes to your real estate investment.

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My friend is an appraiser and he says Zillow is fairly accurate assuming you have sales in your area, and there isn't anything peculiar about the house / location.

But to OP, I wouldn't worry too much about it unless you are about to sell.

"Oh and before anyone suggests it, avoid a realtor. An appraiser does exactly what you’re interested in. For a living."

Well....

I've been in RE most of my life as an investor.

An appraisal is only an opinion.
Real Estate agents can tell you $/SF for your area very easily/quickly.

Somewhere in there is the fair market value.

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You wanna know about your home’s value? Call a local appraiser.

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I know you know what you are talking about, but this is simply wrong. Appraisers don't know every community well. The only way to really know a homes value is by selling it. I've seen appraisals off just as much as Zillow. Appraisers and Zillow both follow the current selling trend, whether thats up or down. But they don't plan the market. If its going up, your house could be worth quite a bit more in a hot market than one that sold 3 months ago.

Appraising/ Zillow/ etc. is not rocket science people. You take what homes have sold for in your area and divide it by sq ft, then you multiply that number by your own sq ft.

Where the kicker comes in, is small things that no one accounts for. My old neighborhood had Golf course lots, water front lots, interior lots with nothing but neighbors, and easement lots with woods. All of them had different values. Some houses have 1 garage some have 4, none of which is considered by zillow or an appraiser enough.

Even things like time of year. If you are selling your house in late fall or winter and no homes have sold since peak sales season in Summer, than there may be fewer buyers on average so your realistic price over the off season is likely lower.