Can I rely on some Internet company to appraise the market value of my real estate in Kings_hundred?
Zillow is a billion-dollar website that "gives" automated estimates that purport to figure the value of each residence in the United States. Zillow tries to achieve this this feat by using a fancy program which 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 complaints by angry property owners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Kings_hundred say that Zillow's estimates 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 sales value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Real estate sellers and property purchasers should know that there is not a single community in Kings_hundred where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of confusion.
Contact us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the unique variables which make up your home's ideal price.
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