Can I trust Zillow estimates?

Can I trust Zillow to calculate the market value of my real estate in Fairlington?

Zillow is a popular website that "gives" automated estimates which purport to figure the market value of each home in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm which crossreferences factors which alter real estate values, but here's a typical story I have heard from home 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 discover countless testimonials by angry homeowners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairlington say that Zillow's valuations 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 sales value. If the margin of error is an improbable 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow (for now) remains popular with some buyers and sellers. Home sellers and real estate buyers should know that there is not a single neighborhood in Fairlington where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer with a grain of salt. Putting too much stock into a website can cause a great deal of disappointment.

Call us today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the unique 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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