Can I trust Zillow to appraise the sales price of my property in Sherry_heights?
Zillow is a billion-dollar website that "gives" computerized estimates that claim to figure the market value of each and every residence in the United States. Zillow tries to achieve this this task by using a fancy logarithm which compares factors which affect property values, but here's a typical 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset property owners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Sherry_heights claim that Zillow's estimates 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Property owners and property shoppers should know that there is not a single neighborhood in Sherry_heights where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.
Contact one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will measure the unique variables which make up your home's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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