Can I rely on Zillow to calculate the value of my real estate in The_charleston?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates that claim to calculate the sales value of every residence in the United States. Zillow tries to achieve this this task by using a sophisticated logarithm that compares factors which affect home values, but here's a typical 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 find countless complaints by upset homeowners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The_charleston report that Zillow's valuations 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 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 people. Home sellers and real estate buyers should understand that there is not a single neighborhood in The_charleston where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer can cause a great deal of disappointment.
Email one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated 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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