Can I rely on Zillow to calculate the value of my real estate in Pimmit Hills?
Zillow is a popular Internet marketer that provides "z-estimates" that purport to calculate the value of each residence in the United States. Zillow tries to accomplish this feat by using a sophisticated program that crossreferences factors which alter real estate values, but here's a 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Pimmit Hills say 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 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. Property owners and real estate buyers should understand that there is not a single community in Pimmit Hills where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much stock into a computer can cause a great deal of unnecessary anxiety.
Phone 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. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique variables which make up your home's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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