Can I trust Zillow to calculate the value of my property in Townes Of Hillwood?
Zillow is a billion-dollar website that provides automated estimates that purport to figure the value of each home in the United States. Zillow tries to reach this goal this feat by using a complicated program 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 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 skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Townes Of Hillwood say 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Real estate sellers and home buyers should know that there is not a single neighborhood in Townes Of Hillwood where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much reliance into a website can cause a lot of irration.
Contact us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your home's value.
