Can I depend on Zillow to calculate the value of my home in Royalton?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which purport to figure the ideal price of every home in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm which compares factors which impact real estate 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Royalton claim 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Property owners and real estate purchasers should know that there is not a single neighborhood in Royalton where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a great deal of disappointment.
Talk to one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the many variables which make up your property's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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