Can I rely on some Internet company to figure out the sales price of my real estate in Quaker_lane?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which purport to calculate the market value of each residence in the United States. Zillow tries to achieve this this task by using a complicated program which crossreferences factors which alter home values, but here's a story I have heard from property 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset property owners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Quaker_lane report that Zillow's valuations 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 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 people. Real estate sellers and real estate purchasers should understand that there is not a single community in Quaker_lane where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much trust into a website can cause a lot of disappointment.
Contact us today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the many variables which make up your real estate's sales value.
