Can I rely on Zillow to calculate the sales price of my property in Hensley Estate?
Zillow is a popular website that provides automated estimates that claim to calculate the ideal price of each property in the United States. Zillow tries to accomplish this task by using a fancy algorithm that compares factors which impact home values, but here's a story I have heard from home sellers in Northern Virginia:
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 upset property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Hensley Estate say that Zillow's estimates 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 market value. If the margin of error is an unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some real estate shoppers. Property owners and home buyers should know that there is not a single neighborhood in Hensley Estate where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a great deal of unnecessary anxiety.
Talk to one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many 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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