Can I trust Zillow estimates?

Can I trust some Internet company to figure out the value of my real estate in Alexandria?

Zillow is a popular website that "gives" "z-estimates" that claim to figure the ideal price of each and every property in the United States. Zillow tries to reach this goal this task by using a sophisticated program which crossreferences factors which affect home values, but here's a story I have heard from real estate 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry property owners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Alexandria claim that Zillow's valuations have a margin of error of about 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow (for now) remains popular with some buyers and sellers. Real estate sellers and real estate buyers should understand that there is not a single community in Alexandria where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much reliance into a computer can cause a great deal of disappointment.

Call one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the unique variables which make up your property's market value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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