Can I depend on Zillow to figure out the sales price of my real estate in Laurel_mews?
Zillow is a popular website that "gives" "z-estimates" that purport to figure the ideal price of each and every property in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm which crossreferences factors which alter home values, but here's a story I have heard from real estate 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry property owners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Laurel_mews 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 still remains popular with some buyers and sellers. Property owners and real estate purchasers should know that there is not a single community in Laurel_mews where either a bank or tax collector uses Internet 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 website can cause a lot of disappointment.
Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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