Can I trust Zillow to appraise the market value of my property in North Hill?
Zillow is a popular Internet marketer that provides computerized estimates that purport to figure the value of every property in the United States. Zillow tries to achieve this this feat by using a fancy logarithm which compares factors which impact real estate values, but here's a story I have heard from real estate 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in North Hill 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 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 buyers and sellers. Real estate sellers and home purchasers should know that there is not a single neighborhood in North Hill where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of disappointment.
Call 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 market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for 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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