Can I trust some Internet company to calculate the sales price of my home in Westwood Village?
Zillow is a popular website that provides "z-estimates" which purport to figure the market value of each and every property in the United States. Zillow tries to accomplish this task by using a fancy logarithm which crossreferences factors which affect property values, but here's a story I have heard from real estate 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Westwood Village report that Zillow's valuations 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 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 shoppers should know that there is not a single neighborhood in Westwood Village where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much stock into a computer logarithm can cause a lot of confusion.
Reach out to us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the unique 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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