Can I depend on a computer to figure out the value of my property in Domain?
Zillow is a popular Internet marketer that provides computerized estimates that claim to calculate the ideal price of every home in the United States. Zillow tries to accomplish this feat by using a complicated logarithm that compares factors which impact real estate 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Domain report that Zillow's valuations have a margin of error of approximately 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some people. Property owners and property shoppers should understand that there is not a single neighborhood in Domain where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.
Get in touch with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the unique variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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