Can I trust Zillow estimates?

Can I trust some Internet company to calculate the value of my home in Middletown?

Zillow is a popular Internet marketer that "gives" computerized estimates which purport to calculate the sales value of every property in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm which compares factors which alter property values, but here's a story I have heard from real estate sellers in Northern Virginia:

Is Zillow accurate?
Many consumers have serious doubts about the accuracy of Zillow home value estimates.

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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by angry property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Middletown claim 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 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 people. Home sellers and real estate buyers should understand that there is not a single community in Middletown where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of irration.

Call one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the complicated variables which make up your real estate's ideal price.

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7 Reasons Why Zillow Estimates Are Inaccurate

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