Can I rely on Zillow to figure out the market value of my property in Cromley_lofts?
Zillow is a popular Internet marketer that provides "z-estimates" which purport to figure the market value of every residence in the United States. Zillow tries to achieve this this task by using a complicated algorithm that compares factors which affect home values, but here's a typical 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by angry property owners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Cromley_lofts say 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 ideal price. 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 real estate shoppers. Home sellers and real estate purchasers should know that there is not a single neighborhood in Cromley_lofts where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a computer can cause a lot of disappointment.
Reach out to one of our agents today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the many variables which make up your home's value.
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