Can I rely on a computer to calculate the value of my property in Quander_road?
Zillow is a billion-dollar website that "gives" automated estimates which purport to calculate the sales value of every home in the United States. Zillow tries to achieve this this task by using a sophisticated logarithm which crossreferences factors which alter home 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by upset property owners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Quander_road 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 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. Home sellers and home buyers should know that there is not a single community in Quander_road where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a website can cause a lot of disappointment.
Email us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your real estate's market value.
