Can I rely on a computer to appraise the sales price of my home in River_terrace?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates that purport to figure the ideal price of each property in the United States. Zillow tries to achieve this this feat by using a complicated algorithm which crossreferences factors which alter real estate values, but here's a typical story I have heard from property 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 many posts by upset homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in River_terrace claim 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 value. If the margin of error is an impressive 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 buyers should know that there is not a single community in River_terrace 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 with a grain of salt. Putting too much stock into a computer can cause a lot of confusion.
Email 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 expert will measure the complicated variables which make up your real estate's ideal price.
