Can I rely on some Internet company to appraise the market value of my real estate in Valley_view?
Zillow is a billion-dollar website that provides "z-estimates" which claim to figure the ideal price of each property in the United States. Zillow tries to reach this goal this task by using a complicated program that compares factors which impact 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by angry homeowners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Valley_view report 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 value. If the margin of error is an impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Home sellers and property shoppers should understand that there is not a single neighborhood in Valley_view where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a website can cause a great deal of confusion.
Get in touch with one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your home's value.
