Can I rely on Zillow to calculate the sales price of my property in Oxford Row?
Zillow is a popular website that provides automated estimates which purport to calculate the value of each and every property in the United States. Zillow tries to accomplish this task by using a complicated logarithm which crossreferences factors which alter home values, but here's a 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Oxford Row 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 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 people. Real estate sellers and home buyers should know that there is not a single community in Oxford 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 stock into a website can cause a lot of disappointment.
Contact us today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your real estate's sales value.
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