Can I rely on a computer to figure out the value of my real estate in Huntington Crossing?
Zillow is a popular website that provides automated estimates which purport to figure the market value of every property in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm which compares factors which affect home 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by upset homeowners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Huntington Crossing say 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 ideal price. 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 buyers and sellers. Real estate sellers and home buyers should know that there is not a single community in Huntington Crossing where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a website can cause a lot of confusion.
Phone us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many variables which make up your real estate's value.
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