Can I depend on Zillow to figure out the sales price of my home in North Springfield?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which claim to calculate the ideal price of each property in the United States. Zillow tries to achieve this this feat by using a fancy algorithm that crossreferences factors which affect home 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry property owners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in North Springfield say that Zillow's estimates 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 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 still remains popular with some people. Real estate sellers and property purchasers should understand that there is not a single community in North Springfield where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of confusion.
Connect with us today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your real estate's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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