Can I trust Zillow estimates?

Can I rely on some Internet company to calculate the value of my real estate in Manassas?

Zillow is a popular Internet marketer that provides automated estimates that claim to figure the market value of each property in the United States. Zillow tries to accomplish this task by using a complicated algorithm that crossreferences factors which alter home values, but here's a typical 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by upset property owners and skeptical home 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 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 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. Property owners and property purchasers should know that there is not a single neighborhood in Manassas where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much stock into a website can cause a great deal of irration.

Email 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 sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the many variables which make up your property's value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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