Can I rely on Zillow to figure out the sales price of my property in Black_oak_cluster?
Zillow is a billion-dollar Internet marketer that provides "z-estimates" which claim to calculate the ideal price of each property in the United States. Zillow tries to accomplish this task by using a complicated program that compares factors which affect property values, but here's a typical story I have heard from property 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 testimonials by upset property owners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Black_oak_cluster say that Zillow's estimates 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 sales 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 (for now) remains popular with some real estate shoppers. Real estate sellers and property purchasers should understand that there is not a single neighborhood in Black_oak_cluster where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much reliance into a computer can cause a lot of unnecessary anxiety.
Get in touch with one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the many 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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