Can I depend on a computer to calculate the sales price of my home in West Springfield Village?
Zillow is a popular Internet marketer that "gives" "z-estimates" that purport to calculate the sales value of each residence in the United States. Zillow tries to accomplish this task by using a sophisticated program that compares factors which impact real estate values, but here's a typical 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in West Springfield Village report that Zillow's valuations have a margin of error of about 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 market 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 buyers and sellers. Property owners and property buyers should know that there is not a single community in West Springfield Village where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much stock into a computer can cause a lot of confusion.
Reach out to 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 sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the complicated variables which make up your property's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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