Can I trust Zillow to calculate the market value of my home in Manassas?
Zillow is a billion-dollar website that "gives" automated estimates that claim to figure the value of each home in the United States. Zillow tries to achieve this this task by using a complicated program which compares factors which impact 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 many posts by upset homeowners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Manassas claim that Zillow's estimates have a margin of error of around 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Property owners and real estate purchasers should understand that there is not a single neighborhood in Manassas where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer logarithm can cause a great deal of confusion.
Reach out to us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique 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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