Can I trust Zillow estimates?

Can I depend on a computer to calculate the value of my home in Summertree Condo Apts?

Zillow is a popular website that provides "z-estimates" which claim to calculate the ideal price of each and every home in the United States. Zillow tries to achieve this this task by using a fancy logarithm which crossreferences factors which alter real estate values, but here's a typical story I have heard from home 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry property owners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Summertree Condo Apts say that Zillow's valuations 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some people. Property owners and property shoppers should understand that there is not a single community in Summertree Condo Apts where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a computer can cause a lot of unnecessary anxiety.

Connect with one of our agents 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 pro will measure 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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