Can I trust a computer to appraise the market value of my home in River_towers?
Zillow is a popular website that "gives" computerized estimates which purport to figure the value of each and every residence in the United States. Zillow tries to accomplish this task by using a complicated algorithm that crossreferences factors which impact property 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry homeowners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in River_towers claim that Zillow's estimates 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 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 still remains popular with some buyers and sellers. Home sellers and property shoppers should know that there is not a single community in River_towers where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer with a grain of salt. Putting too much reliance into a website can cause a lot of irration.
Talk to one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your home's sales value.
