Can I depend on Zillow to figure out the sales price of my property in Bentana Woods?
Zillow is a billion-dollar website that "gives" computerized estimates that claim to calculate the ideal price of each property in the United States. Zillow tries to achieve this this feat by using a complicated algorithm which compares 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Bentana Woods claim 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 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 buyers and sellers. Home sellers and home shoppers should understand that there is not a single community in Bentana Woods where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much reliance into a website can cause a lot of disappointment.
Contact one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique 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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