Can I trust Zillow estimates?

Can I rely on Zillow to appraise the sales price of my real estate in Edsall Park?

Zillow is a billion-dollar Internet marketer that "gives" computerized estimates which purport to calculate the value of each and every home in the United States. Zillow tries to achieve this this task by using a complicated algorithm which compares factors which affect home 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 discover many testimonials by upset homeowners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Edsall Park report that Zillow's estimates have a margin of error of about 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 unlikley 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 home shoppers should understand that there is not a single community in Edsall Park 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 with a grain of salt. Putting too much trust into a website can cause a lot of disappointment.

Get in touch with one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique variables which make up your home's market value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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