Can I trust Zillow to figure out the sales price of my property in Weyanoke?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which claim to calculate the value of each and every home in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm which compares factors which affect real estate values, but here's a story I have heard from property 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by angry property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Weyanoke 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 ideal price. 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 (for now) remains popular with some people. Property owners and real estate purchasers should understand that there is not a single neighborhood in Weyanoke where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any online site with a grain of salt. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.
Contact Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the complicated 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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