Can I trust Zillow to calculate the value of my home in Frederick County?
Zillow is a popular Internet marketer that provides computerized estimates which claim to figure the ideal price of each and every residence in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that crossreferences factors which affect property 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Frederick County report 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 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 real estate shoppers. Home sellers and property shoppers should understand that there is not a single neighborhood in Frederick County where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much trust into a website can cause a lot of disappointment.
Reach out to one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro 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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