Can I trust Zillow to calculate the market value of my property in Town Of Stanley?
Zillow is a billion-dollar website that provides computerized estimates that claim to figure the market value of each and every home in the United States. Zillow tries to achieve this this feat by using a sophisticated logarithm which compares factors which alter real estate values, but here's a typical story I have heard from property 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by angry homeowners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Town Of Stanley report that Zillow's estimates 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 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 real estate purchasers should understand that there is not a single community in Town Of Stanley where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer can cause a great deal of disappointment.
Talk to Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the complicated variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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