Can I rely on some Internet company to calculate the market value of my property in Glasselwood?
Zillow is a popular Internet marketer that provides "z-estimates" which claim to figure the ideal price of each property in the United States. Zillow tries to reach this goal this feat by using a fancy algorithm which compares factors which alter property values, but here's a typical 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 property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Glasselwood say that Zillow's valuations 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 market 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 real estate shoppers. Home sellers and property shoppers should know that there is not a single community in Glasselwood where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much reliance into a website can cause a great deal of unnecessary anxiety.
Email 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 market value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your real estate's value.
