Can I trust Zillow estimates?

Zillow is a popular Internet marketer that "gives" computerized estimates which claim to calculate the sales value of each and every residence in the United States. Zillow tries to achieve this this feat by using a complicated program which crossreferences factors which affect property values, but here's a story I have heard from property sellers in Northern Virginia:

Is Zillow accurate? — Many consumers have serious doubts about the accuracy of Zillow home value estimates.

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 web 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 buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Stafford_square say 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 ideal price. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow (for now) remains popular with some people. Home sellers and property buyers should understand that there is not a single community in Stafford_square where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much stock into a computer can cause a great deal of confusion.

Reach out to us today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the unique variables which make up your property's market value.