Can I rely on Zillow to appraise the market value of my real estate in 0 Medium 30 9?
Zillow is a popular website that provides automated estimates that claim to figure the ideal price of every home in the United States. Zillow tries to reach this goal this feat by using a sophisticated program that crossreferences factors which alter home 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in 0 Medium 30 9 say 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 market value. If the margin of error is an astounding 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 home purchasers should know that there is not a single community in 0 Medium 30 9 where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a lot of disappointment.
Call one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty expert will measure the many 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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