Can I depend on Zillow to calculate the value of my home in Sycamores At Van Dorn?
Zillow is a popular Internet marketer that provides computerized estimates which 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 compares factors which impact property 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 countless posts by upset property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Sycamores At Van Dorn claim that Zillow's valuations have a margin of error of approximately 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 ideal price. If the margin of error is an improbable 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. Real estate sellers and property shoppers should understand that there is not a single community in Sycamores At Van Dorn where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much reliance into a website can cause a lot of disappointment.
Reach out to one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique variables which make up your real estate's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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