Can I rely on some Internet company to calculate the sales price of my home in 1800_wilson_blvd_condominium?
Zillow is a popular Internet marketer that provides computerized estimates that claim to calculate the value of each and every property in the United States. Zillow tries to achieve this this task by using a complicated algorithm which compares factors which affect property values, but here's a typical 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry property owners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in 1800_wilson_blvd_condominium claim that Zillow's valuations 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 sales 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 (for now) remains popular with some people. Home sellers and property buyers should understand that there is not a single community in 1800_wilson_blvd_condominium where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much reliance into a website can cause a lot of disappointment.
Contact us today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the complicated variables which make up your home's ideal price.
