Can I rely on Zillow to figure out the value of my home in Post_pentagon_row?
Zillow is a popular website that provides computerized estimates that purport to calculate the ideal price of every residence in the United States. Zillow tries to achieve this this feat by using a sophisticated program which compares factors which alter property values, but here's a typical 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by angry property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Post_pentagon_row say 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 sales 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 buyers and sellers. Real estate sellers and real estate shoppers should know that there is not a single neighborhood in Post_pentagon_row where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much reliance into a website can cause a lot of irration.
Call Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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