Can I rely on some Internet company to appraise the market value of my home in Pinewood_lake?
Zillow is a popular website that provides computerized estimates that purport to figure the value of every property in the United States. Zillow tries to achieve this this task by using a fancy program 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by upset homeowners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Pinewood_lake report 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 market 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 people. Property owners and home purchasers should know that there is not a single community in Pinewood_lake where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much trust into a computer can cause a great deal of confusion.
Contact Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will account for the unique variables which make up your home's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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