Can I rely on Zillow to figure out the value of my property in The Ridgewood By Windsor?
Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to figure the market value of each and every home in the United States. Zillow tries to accomplish this feat by using a complicated algorithm which compares factors which impact property values, but here's a typical story I have heard from home 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by upset property owners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The Ridgewood By Windsor say that Zillow's valuations have a margin of error of around 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 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. Home sellers and property shoppers should understand that there is not a single neighborhood in The Ridgewood By Windsor where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any computer with a grain of salt. Putting too much trust into a website can cause a great deal of disappointment.
Get in touch with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your home's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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