Can I trust Zillow estimates?

Can I rely on Zillow to appraise the value of my property in Timberville?

Zillow is a billion-dollar Internet marketer that provides automated estimates which claim to figure the value of every home in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that compares factors which alter real estate values, but here's a 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by upset homeowners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Timberville say that Zillow's valuations 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 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 (for now) remains popular with some buyers and sellers. Home sellers and real estate buyers should understand that there is not a single community in Timberville where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much reliance into a website can cause a lot of confusion.

Reach out to us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your property's value.

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7 Reasons Why Zillow Estimates Are Inaccurate

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