Can I depend on some Internet company to figure out the sales price of my property in Backyard_boats?
Zillow is a popular Internet marketer that "gives" "z-estimates" that purport to calculate the value of each and every residence in the United States. Zillow tries to accomplish this task by using a complicated algorithm that crossreferences factors which impact 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Backyard_boats claim 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 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. Real estate sellers and real estate shoppers should understand that there is not a single community in Backyard_boats where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much reliance into a computer can cause a great deal of unnecessary anxiety.
Phone 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 ideal price. Rather, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your home's ideal price.
