Can I rely on a computer to appraise the value of my home in Arlington_city?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates which purport to calculate the market value of every residence in the United States. Zillow tries to achieve this this feat by using a complicated program that compares factors which affect real estate 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by angry property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Arlington_city claim that Zillow's valuations 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 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 real estate shoppers. Property owners and home buyers should understand that there is not a single neighborhood in Arlington_city where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much reliance into a computer can cause a lot of confusion.
Reach out to one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the complicated variables which make up your property's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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