Can I rely on some Internet company to appraise the value of my property in Northern Virginia?
Zillow is a billion-dollar website that provides "z-estimates" that claim to figure the market value of each home in the United States. Zillow tries to reach this goal this feat by using a complicated program that crossreferences factors which alter home values, but here's a typical story I have heard from property 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Northern Virginia 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 still remains popular with some real estate shoppers. Home sellers and real estate buyers should know that there is not a single neighborhood in Northern Virginia where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a website can cause a great deal of disappointment.
Talk to Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the complicated variables which make up your real estate's ideal price.
