Can I trust Zillow estimates?

Can I depend on Zillow to figure out the sales price of my real estate in Northern Virginia?

Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to calculate the market value of each and every property in the United States. Zillow tries to reach this goal this task by using a complicated algorithm that compares factors which impact home values, but here's a typical story I have heard from home sellers in Northern Virginia:

Is Zillow accurate?
Many consumers have serious doubts about the accuracy of Zillow home value estimates.

Our home was recently appraised for 650K. Zillow estimates the value at 521K. The estimate makes us one of the lowest priced homes in the subdivision. We have all upgrades in our home and it is the largest of the homes that were originally built in this subdivision. It was appraised at 750K before 2009. Our home has a basement. Neighbors do not have basement on one side and you appraised higher. Really? -- James E. - Fort Hunt

If you Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Northern Virginia claim that Zillow's valuations have a margin of error of around 20%. Even if we assume the margin of error is only 10%, in Northern Virginia that means a "z-estimate" is only within $50,000 of the actual value. If the margin of error is an impressive 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some people. Home sellers and property shoppers should know that there is not a single community in Northern Virginia where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of disappointment.

Phone Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty expert will measure the unique variables which make up your real estate's market value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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