Can I trust Zillow estimates?

Can I rely on Zillow to calculate the sales price of my real estate in Clifton?

Zillow is a popular Internet marketer that provides automated estimates which claim to calculate the market value of each residence in the United States. Zillow tries to achieve this this task by using a complicated logarithm that crossreferences factors which alter real estate values, but here's a typical story I have heard from home sellers in Northern Virginia:

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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many 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 Clifton claim 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 value. If the margin of error is an improbable 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some people. Real estate sellers and home purchasers should know that there is not a single community in Clifton 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 with a grain of salt. Putting too much reliance into a computer can cause a great deal of irration.

Phone one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account 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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