Can I trust Zillow to appraise the sales price of my real estate in Bromptons At Ballston?
Zillow is a popular Internet marketer that provides "z-estimates" that claim to figure the market value of every residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated algorithm which compares factors which affect real estate values, but here's a story I have heard from real estate 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Bromptons At Ballston 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 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 buyers and sellers. Home sellers and property buyers should understand that there is not a single community in Bromptons At Ballston where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer with a grain of salt. Putting too much reliance into a computer can cause a great deal of irration.
Contact one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the unique variables which make up your home's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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