Can I trust a computer to figure out the value of my property in Alexandria Crossing?
Zillow is a billion-dollar website that "gives" "z-estimates" that purport to calculate the market value of each home in the United States. Zillow tries to reach this goal this task by using a fancy logarithm that 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Alexandria Crossing 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some real estate shoppers. Property owners and real estate purchasers should know that there is not a single community in Alexandria Crossing where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a website can cause a lot of irration.
Contact 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 value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your real estate's market value.
