Can I rely on some Internet company to calculate the market value of my home in Potomac_yard_condominium?
Zillow is a billion-dollar Internet marketer that provides automated estimates that purport to figure the market value of every home in the United States. Zillow tries to achieve this this feat by using a sophisticated algorithm that compares factors which impact home values, but here's a 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Potomac_yard_condominium say 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 sales 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 people. Property owners and home shoppers should know that there is not a single community in Potomac_yard_condominium where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much stock into a computer can cause a great deal of unnecessary anxiety.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your real estate's ideal price.
