Can I trust Zillow estimates?

Can I rely on a computer to calculate the sales price of my real estate in Page County?

Zillow is a billion-dollar website that "gives" automated estimates which purport to figure the value of each and every residence in the United States. Zillow tries to achieve this this task by using a fancy logarithm that compares factors which alter property values, but here's a story I have heard from property 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset property owners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Page County claim that Zillow's valuations 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 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 (for now) remains popular with some people. Real estate sellers and home shoppers should understand that there is not a single community in Page County where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of unnecessary anxiety.

Reach out to 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 value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your property's market value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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