Can I trust Zillow estimates?

Can I rely on some Internet company to calculate the sales price of my property in Fleetwood At Slate Run?

Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" that claim to calculate the sales value of each property in the United States. Zillow tries to achieve this this task by using a complicated logarithm that compares factors which alter home 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by angry homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fleetwood At Slate Run 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 improbable 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 home shoppers should understand that there is not a single neighborhood in Fleetwood At Slate Run where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website at arm’s length. Putting too much reliance into a computer can cause a great deal of irration.

Email Nesbitt Realty 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 complicated variables which make up your home's sales value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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