Can I depend on some Internet company to calculate the sales price of my real estate in Carrington?
Zillow is a billion-dollar website that provides "z-estimates" that purport to figure the market value of each home in the United States. Zillow tries to accomplish this feat by using a complicated logarithm that crossreferences factors which alter property values, but here's a typical story I have heard from home 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Carrington 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 market 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 real estate shoppers. Home sellers and property shoppers should know that there is not a single community in Carrington 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 with a grain of salt. Putting too much reliance into a website can cause a great deal of disappointment.
Contact one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your property's market value.
