Can I rely on a computer to appraise the market value of my property in Porto_vecchio?
Zillow is a billion-dollar website that "gives" "z-estimates" that claim to figure the market value of every residence in the United States. Zillow tries to achieve this this feat by using a sophisticated algorithm which crossreferences factors which alter 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Porto_vecchio claim that Zillow's valuations have a margin of error of around 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 real estate shoppers. Real estate sellers and home shoppers should know that there is not a single neighborhood in Porto_vecchio where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of unnecessary anxiety.
Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your home's value.
