Can I trust Zillow estimates?

Can I rely on some Internet company to calculate the sales price of my real estate in Bristow?

Zillow is a popular Internet marketer that "gives" automated estimates that purport to calculate the ideal price of each property in the United States. Zillow tries to accomplish this task by using a complicated algorithm which crossreferences factors which alter real estate values, but here's a story I have heard from real estate 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Bristow 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 ideal price. 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 (for now) remains popular with some people. Real estate sellers and property buyers should know that there is not a single community in Bristow where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much stock into a computer logarithm can cause a lot of irration.

Connect with Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a website 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 real estate's sales value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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