Can I trust Zillow estimates?

Can I depend on some Internet company to calculate the sales price of my real estate in Edsall Park?

Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which purport to figure the value of every property in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm that compares factors which alter property values, but here's a story I have heard from home 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset property owners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Edsall Park claim that Zillow's estimates 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 market value. 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 still remains popular with some buyers and sellers. Real estate sellers and property buyers should know that there is not a single neighborhood in Edsall Park where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of disappointment.

Reach out to one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will account for the many 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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