Can I depend on Zillow to figure out the value of my property in Brooks Square?
Zillow is a billion-dollar Internet marketer that provides "z-estimates" that claim to figure the sales value of every home in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm which compares factors which impact home values, but here's a typical story I have heard from home 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Brooks Square say that Zillow's valuations 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 improbable 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. Real estate sellers and home shoppers should know that there is not a single neighborhood in Brooks Square where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much trust into a website can cause a lot of confusion.
Reach out to one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your real estate's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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