Can I rely on a computer to appraise the sales price of my property in Temple_terrace?
Zillow is a billion-dollar website that provides automated estimates which claim to calculate the ideal price of each and every property in the United States. Zillow tries to accomplish this task by using a sophisticated program that crossreferences factors which affect property 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 discover countless complaints by angry homeowners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Temple_terrace 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 unlikley 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. Real estate sellers and home shoppers should understand that there is not a single community in Temple_terrace where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of unnecessary anxiety.
Talk to one of our local experts today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your home's market value.
