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Zillow’s “Zestimates” Are Deemed Highly Inaccurate

Zillow had roughly 73 million unique visitors in December, making it the most popular online real estate information site according to The Washington Post. Zillow provides sales price information, their estimate of market value (“Zestimates”), as well as current sales prices. These “Zestimates” are routinely quoted by both buyers and sellers in the market as gauges of market value for properties, however they seem to rarely be accurate. Zillow calculates these statistics by exploring homes in certain areas similarities and basically creating a statistical model that uses patterns to estimate a market value for a house.

12845 Gentle Shade Drive            Bristow, Virginia

The median nationwide error rate for Zestimates is roughly 8%, although the localized rate is much higher. The Girls of Real Estate decided to compare their own properties to the information on Zillow just to see the differences. Their listing at 12845 Gentle Shade in the Braemar community in Bristow just closed for $510,000 a few weeks ago, however Zillow said the home value was actually worth $541,352 which is a $30,000 increase.

Comparing similar properties in the area as well as what properties are actually selling for is how market value prices are reached and Zillow just does not know the individual market data for neighborhoods and what is happening there. Another listing that recently closed where The Girls of Real Estate represented the buyers is a home in the exclusive Lake Manassas gated community. The address was 8506 Link Hills Loop in Gainesville and the gorgeous home sold for $832,000, however Zillow’s Zestimate was $820,328 – a $10,000 decrease.

8506 Link Hills Loop              Gainesville, Virginia

“The Girls” have another property in The Regency at Dominion Valley in Haymarket at 12551 Royal Crest #202 which is set to close at the end of this month. Zillow estimates this property to be worth $30,000 more than what it is actually going to close at. Another listing “The Girls” have is at 11950 Blue Violet Way in the Avendale community in Bristow, located near the VRE. It is listed for $535,000, however Zillow’s Zestimate is $35,000 less. Also, 7340 Tucan Court is a gorgeous four bedroom, three bath home in Brookside in Warrenton where Zillow’s Zestimate is a whopping $711,540; whereas “The Girls” have it accurately for sale at $650,000. Again, the market value for a property depends on local market conditions, location, and what buyers are willing to pay. Zillow does not know localized market conditions and therefore doesn’t appear to be able to accurately predict what a home’s value is.

12551 Royal Crest Drive #202   Haymarket, Virginia
12551 Royal Crest Drive #202 Haymarket, Virginia
7340 Tucan Court    Warrenton, Virginia
7340 Tucan Court Warrenton, Virginia
zillowpic
11950 Blue Violet Way Bristow, Virginia

Now that we see how inaccurate Zillow’s Zestimates can be, it is important to only use these figures as considerations and to obtain real accurate information from seasoned real estate agents. Call The Girls of Real Estate today at 800-882-0317 to get the conversation going about your dream home’s market value!

Posted in: Northern Virginia Market Tagged: Bristow, Gainesville, Haymarket, Northern Virginia, Northern Virginia Real Estate, Real Estate, Virginia, Zestimates, Zillow

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Testimonials

Candace is The Best. She went above the call of duty regarding selling my house and especially when purchasing my new home, i.e. negotiating with a difficult seller. Candace is one of the most professional realtors in the area and always has a smile on her face. It was a pleasure dealing with her and with The Girls of Real Estate.
Sheryl W.
We have used Candace and her team for the purchase of a townhouse, the sale of the same townhouse a few years later, and the purchase of a single family home. Each time, she was professional, courteous and she gave us excellent service. She knows the local area well as well as the market. I would highly recommend using her.
Sarika & Vince V.
I have known Candace since 2010 when I placed my home in Haymarket Virginia on the market. She has remained in touch since that time. She has always been very efficient and effective. I contacted her again recently when I needed her help in re-leasing the home in Haymarket.
Bob F.
Candace was great to work with during the sale of our condo. She always kept us informed and was very pleasant to work with. Candace and her team have innovative ideas and are hard workers. We would feel comfortable using their services again.
Stu & Jane Y.
Chelle was an invaluable asset to me. We were relocating without being able to physically see a property. Her knowledge of the area and expertise were what I needed to point me towards the right home for us. I highly recommend her! Thanks Chelle for your care and attention! ~ 3/31/2015 (See review on Zillow)
Home RenterWashington, DC area
Candace came in with some very valid and good suggestions to help us with selling our home. She priced it accurately and took our feedback into account while doing so. She put together beautiful marketing materials including stunning photos of our home that made it appear to be from a magazine cover. She was persistent in her discussions and follow ups with potential buyers agents. She sold our house in the dead of winter in under 30 days thanks to Candace.
Chris & Jen S.
Since we were moving from a different state, Chelle showed us about 20 homes in one weekend and found us exactly what we were looking for. We were out of town for the home inspection and she FaceTimed us with the inspector so we could be part of it. She was incredibly friendly, professional, and helpful throughout the whole process, and we definitely recommend her to anyone looking to buy or sell! ~ 2/17/2018 (see it on Zillow.com)
Condo BuyerDouglas Park, Arlington, VA
My wife and I worked with Candace Moe between March and August 2014, eventually selling our home in Oak Hill, VA (zip – 20171) during a very difficult selling period. There were several external factors that resulted in the extended sales cycle. First, was the sale of a comparable house on the same block for an extremely high price. That sale took place immediately before the downturn and was the basis for our initial asking price. Secondly, the bottom fell out of the market for homes in our pri… Read more
Chip & Sharon P.
After purchasing a couple homes over the last few years I have not experienced better service in a realtor than Chelle! She goes above and beyond to ensure you get the exact house you really want and is there providing her expertise throughout all parts of the process. She takes extreme pride in doing so and you will not find a more sincere and genuine realtor or person in the DC area!
Cal R.
Chelle was a true professional. We were only here for a few days and we looked at 40-50 houses in four days! When we did finally put in an offer, we had a problem with the seller not liking the fact that we were using a VA loan. She provided him with all the data and statistics that he needed to become comfortable with the loan. Also, her local knowledge can’t be beat. She grew up in the area, so she knows the area. I would recommend her to anyone.
Nel L.

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Chelle: (571) 330-6164
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