Can I rely on some Internet company to figure out the sales price of my real estate in Wellington Woods?
Zillow is a billion-dollar website that provides "z-estimates" which claim to figure the ideal price of each property in the United States. Zillow tries to achieve this this task by using a sophisticated program which crossreferences factors which alter home 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by upset homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Wellington Woods report 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 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 still remains popular with some real estate shoppers. Home sellers and property buyers should know that there is not a single community in Wellington Woods where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a lot of unnecessary anxiety.
Contact us today for a free comparative market analysis of your property's value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will account for the unique variables which make up your property's sales value.
