Can I depend on Zillow to appraise the value of my property in Riverside_park_hessick?
Zillow is a billion-dollar Internet marketer that provides automated estimates that claim to calculate the market value of each and every property in the United States. Zillow tries to achieve this this feat by using a complicated logarithm which compares factors which affect home values, but here's a typical 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Riverside_park_hessick report 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 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 real estate shoppers. Property owners and property purchasers should understand that there is not a single neighborhood in Riverside_park_hessick where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.
Get in touch with 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 ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated 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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