Can I depend on a computer to appraise the market value of my property in Beauregard Manor?
Zillow is a billion-dollar Internet marketer that provides automated estimates that purport to calculate the market value of each and every residence in the United States. Zillow tries to achieve this this feat by using a fancy algorithm which crossreferences factors which alter home values, but here's a 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Beauregard Manor say 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 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 real estate shoppers. Home sellers and property purchasers should understand that there is not a single community in Beauregard Manor where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of disappointment.
Talk to us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your home's sales value.
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