Can I rely on some Internet company to figure out the market value of my real estate in Boley Place?
Zillow is a billion-dollar website that provides computerized estimates that purport to calculate the sales value of each home in the United States. Zillow tries to accomplish this task by using a sophisticated algorithm that compares factors which impact real estate values, but here's a story I have heard from property 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 property owners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Boley Place 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Property owners and property buyers should know that there is not a single community in Boley Place where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert 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 confusion.
Call Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the unique variables which make up your property's market value.
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