Can I trust Zillow estimates?

Can I rely on Zillow to figure out the market value of my property in Braddock Hills?

Zillow is a billion-dollar website that provides "z-estimates" that claim to figure the market value of each home in the United States. Zillow tries to reach this goal this feat by using a complicated program that crossreferences factors which impact property values, but here's a typical story I have heard from property sellers in Northern Virginia:

Is Zillow accurate?
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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Braddock Hills claim that Zillow's valuations 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 (for now) remains popular with some people. Property owners and property purchasers should know that there is not a single neighborhood in Braddock Hills where either a bank 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 logarithm can cause a lot of confusion.

Phone one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will account for the complicated variables which make up your property's sales value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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