Can I rely on a computer to appraise the sales price of my property in Madison_hill?
Zillow is a billion-dollar website that provides computerized estimates that claim to calculate the market value of each and every home in the United States. Zillow tries to accomplish this task by using a fancy algorithm which compares factors which impact real estate values, but here's a 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 discover many complaints by angry property owners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Madison_hill 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 (for now) remains popular with some buyers and sellers. Real estate sellers and property shoppers should understand that there is not a single community in Madison_hill where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a computer can cause a lot of irration.
Email one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the unique variables which make up your property's value.
