Can I rely on a computer to figure out the sales price of my property in Brockwood?
Zillow is a billion-dollar website that "gives" automated estimates that purport to figure the market value of each and every property in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm which compares factors which impact home 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 find many posts by angry property owners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Brockwood 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 sales 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 real estate shoppers. Home sellers and property buyers should know that there is not a single community in Brockwood where either a mortgage lender or tax collector uses Zillow 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 can cause a great deal of unnecessary anxiety.
Contact one of our local experts today for a free comparative market analysis of your property's worth. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the many variables which make up your real estate's market value.
