Can I trust a computer to calculate the value of my home in Piedmont Riding Club?
Zillow is a popular website that "gives" automated estimates which purport to figure the market value of each property in the United States. Zillow tries to achieve this this task by using a fancy program that crossreferences factors which alter real estate values, but here's a 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Piedmont Riding Club report 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 market value. 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. Home sellers and property purchasers should understand that there is not a single community in Piedmont Riding Club where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much trust into a website can cause a great deal of unnecessary anxiety.
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 ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your property's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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