Can I rely on some Internet company to figure out the sales price of my property in Park_fairfax?
Zillow is a popular website that "gives" "z-estimates" which claim to calculate the sales value of every home in the United States. Zillow tries to reach this goal this feat by using a complicated program that crossreferences factors which alter property values, but here's a story I have heard from real estate 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset property owners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Park_fairfax claim that Zillow's valuations 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 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 people. Property owners and property purchasers should understand that there is not a single neighborhood in Park_fairfax where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much stock into a website can cause a lot of unnecessary anxiety.
Reach out to one of our local experts today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the many variables which make up your real estate's sales value.
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