Can I depend on Zillow to figure out the sales price of my home in The Wrens?
Zillow is a popular Internet marketer that "gives" computerized estimates that claim to figure the sales value of each home in the United States. Zillow tries to achieve this this feat by using a sophisticated program that crossreferences factors which affect home values, but here's a typical story I have heard from real estate 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry homeowners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The Wrens report that Zillow's valuations 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 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 (for now) remains popular with some real estate shoppers. Home sellers and real estate shoppers should know that there is not a single neighborhood in The Wrens where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much reliance into a computer can cause a great deal of disappointment.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty Realtor 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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