Can I trust Zillow estimates?

Can I trust Zillow to appraise the value of my real estate in Castleton?

Zillow is a popular website that "gives" automated estimates that claim to figure the ideal price of each and every property in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that crossreferences factors which impact real estate values, but here's a story I have heard from real estate 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 homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Castleton report that Zillow's estimates 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 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 home purchasers should understand that there is not a single neighborhood in Castleton where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.

Email Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the many variables which make up your home's sales value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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