Can I rely on Zillow to calculate the value of my property in Liberia Woods?
Zillow is a popular website that "gives" automated estimates that purport to calculate the market value of every residence in the United States. Zillow tries to achieve this this task by using a fancy logarithm which compares factors which impact property values, but here's a typical story I have heard from home sellers in Northern Virginia:
![Zillow Is Zillow accurate?](https://nesbittrealty.com/wp-content/uploads/2012/11/zillow.gif)
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 find many posts by angry homeowners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Liberia Woods say 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 value. 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 (for now) remains popular with some buyers and sellers. Real estate sellers and home purchasers should understand that there is not a single community in Liberia Woods where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a lot of confusion.
Connect with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your property's ideal price.
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