Can I trust Zillow to appraise the value of my home in Dayton?
Zillow is a popular website that provides "z-estimates" that claim to figure the ideal price of each and every property in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm that compares factors which alter home values, but here's a story I have heard from real estate 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 research 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 real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Dayton claim 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 ideal price. If the margin of error is an impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some buyers and sellers. Real estate sellers and home buyers should understand that there is not a single neighborhood in Dayton where either a bank 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 stock into a website can cause a great deal of unnecessary anxiety.
Get in touch with us today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your property's sales value.
