Can I rely on a computer to appraise the value of my home in Duke_garden?
Zillow is a popular website that provides automated estimates which claim to calculate the ideal price of each home in the United States. Zillow tries to achieve this this feat by using a complicated algorithm which compares factors which affect real estate values, but here's a typical story I have heard from property 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Duke_garden claim that Zillow's estimates have a margin of error of approximately 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Real estate sellers and home buyers should know that there is not a single community in Duke_garden where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much trust into a website can cause a great deal of confusion.
Phone Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your property's market value.
