I want to know if I am just crazy, or is there a way to alter your house value on websites like Zillow, realtor, redfin...
We purchased our house in Colorado Springs in May 2018 ($313k). I regularly watched our house value on websites like Zillow, Redfin, and Realtor as well as house values throughout the neighborhood, tracking the highest priced houses in particular. Our house mostly hovered around 320-325 and the highest price houses were around 330-335 during this time. My house is currently 335 now.
In NOV 2018 a house right down the street went on sale for $399. My wife and I made fun of it's ridiculousness. It is so crazy, it will never sell. Especially because it is winter where the market in the area slows down.
However, when it went off the market at the beginning of the year, the value stayed up! Out of nowhere this house value increased 100K in a month. Realtor.com shows the actual jump. Redfin seemed to "backdate" the home value on its monthly tracker to smooth out the line.
The house then went back on the market a month or so later, and had the "value" to backup the high price. It sold for $385 and is by far the highest value house in the neighborhood.
How did they make this happen? Why did Redfin seem to change the value history?
@Josh Barnett Interesting. My house in Denver jumped 100k on Zillow within two months once I changed it from 3 bed/2bath to 4 bed/ 3 bath. But then all of a sudden 4 months after it highest peak it dropped $100k overnight. It's like Zillow isn't giving me credit for the extra bed and bath.
There is info about the residence that you can alter (bed, bath, sq. ft.) that may boost your "valuation" on these sites, but ultimately, they are all decided by proprietary algorithms based on the values of similarly sold properties in the area.
@Josh Barnett the price estimates on sites like Zillow or Redfin are notoriously bad. You shouldn't use those for driving purchase decisions or estimating your homes value. Focus on recently sold comps. The next question is, is your neighbors home a true comp to your home? We're there any conditions on the sale? Did it have upgrades that you're doesn't? That will help you determine if your property value just went up.
Zillow is a lead generation company. What's the point in gaming their algorithm?
None of that matters. What would be the purpose of a pretend value on these websites? Feel good value? The market dictates the value. And loan companies do comps based on actual sale prices.
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