Can I rely on Zillow to figure out the value of my property in Pointe_at_park_center?
Zillow is a popular website that "gives" "z-estimates" which claim to calculate the market value of each and every residence in the United States. Zillow tries to accomplish this task by using a sophisticated logarithm 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry homeowners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Pointe_at_park_center say 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 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 (for now) remains popular with some buyers and sellers. Property owners and property purchasers should understand that there is not a single neighborhood in Pointe_at_park_center where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of unnecessary anxiety.
Contact us today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your property's value.
