Can I depend on a computer to calculate the value of my real estate in Little Run Estates?
Zillow is a billion-dollar website that "gives" automated estimates which purport to calculate the value of every property in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm that compares factors which impact property values, but here's a typical story I have heard from real estate sellers in Northern Virginia:
![Zillow Is Zillow accurate?](https://nesbittrealty.com/wp-content/uploads/2012/11/zillow.gif)
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 countless 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 Little Run Estates claim 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some real estate shoppers. Property owners and real estate shoppers should understand that there is not a single neighborhood in Little Run Estates where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of confusion.
Phone Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your property's sales value.
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