Can I rely on a computer to figure out the sales price of my property in 22310_?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates that purport to calculate the market value of every home in the United States. Zillow tries to accomplish this task by using a complicated logarithm that crossreferences factors which affect property 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by angry property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in 22310_ report that Zillow's estimates 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Home sellers and property shoppers should know that there is not a single community in 22310_ where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any computer at arm’s length. Putting too much stock into a computer logarithm can cause a lot of disappointment.
Email one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the complicated variables which make up your property's sales value.
