Can I trust Zillow to appraise the value of my property in Arlington Homes Sale 2?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" that purport to figure the market value of each property in the United States. Zillow tries to accomplish this feat by using a sophisticated algorithm which compares factors which impact home values, but here's a 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Arlington Homes Sale 2 report that Zillow's estimates have a margin of error of around 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 market 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 real estate shoppers. Home sellers and real estate purchasers should know that there is not a single community in Arlington Homes Sale 2 where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of irration.
Phone us today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the complicated variables which make up your home's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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