Can I trust some Internet company to appraise the sales price of my home in High_view_park?
Zillow is a popular website that "gives" "z-estimates" that purport to figure the market value of each and every residence in the United States. Zillow tries to achieve this this feat by using a fancy logarithm that crossreferences 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by angry homeowners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in High_view_park claim that Zillow's estimates 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 unlikley 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 home buyers should understand that there is not a single neighborhood in High_view_park where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a website can cause a lot of confusion.
Get in touch with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the unique variables which make up your real estate's market value.
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