Can I trust Zillow estimates?

Can I trust some Internet company to calculate the sales price of my home in The Wooster And Mercer Lofts?

Zillow is a popular website that "gives" "z-estimates" which claim to calculate the ideal price of each and every property in the United States. Zillow tries to reach this goal this feat by using a fancy algorithm which compares factors which affect home values, but here's a story I have heard from real estate 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The Wooster And Mercer Lofts say that Zillow's estimates 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 market value. 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 (for now) remains popular with some buyers and sellers. Property owners and real estate buyers should understand that there is not a single neighborhood in The Wooster And Mercer Lofts where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much stock into a website can cause a great deal of unnecessary anxiety.

Connect with one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor 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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