Can I trust Zillow to figure out the market value of my property in Sunset Heights?
Zillow is a popular website that provides "z-estimates" that claim to calculate the sales value of every property in the United States. Zillow tries to achieve this this task by using a fancy algorithm that 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry property owners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Sunset Heights report that Zillow's estimates 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 ideal price. 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 people. Real estate sellers and real estate shoppers should understand that there is not a single community in Sunset Heights where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much trust into a computer can cause a lot of irration.
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. Rather, your friendly neighborhood Nesbitt Realty expert 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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