Can I depend on some Internet company to calculate the market value of my real estate in Lake Barcroft Cloisters?
Zillow is a billion-dollar Internet marketer that provides computerized estimates that purport to calculate the ideal price of each and every residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated algorithm which compares factors which alter home values, but here's a story I have heard from home sellers in Northern Virginia:
![Zillow Is Zillow accurate?](https://nesbittrealty.com/wp-content/uploads/2012/11/zillow.gif)
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 complaints by upset property owners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lake Barcroft Cloisters claim 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 still remains popular with some real estate shoppers. Property owners and home buyers should understand that there is not a single community in Lake Barcroft Cloisters where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much stock into a website can cause a lot of confusion.
Phone Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate pro will measure the many variables which make up your real estate's ideal price.
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