Can I trust some Internet company to appraise the value of my property in Minor_hill?
Zillow is a popular website that provides computerized estimates which purport to figure the value of every property in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm that compares factors which alter home values, but here's a story I have heard from home 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 complaints by upset homeowners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Minor_hill report 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 market value. If the margin of error is an impressive 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. Real estate sellers and property shoppers should understand that there is not a single neighborhood in Minor_hill where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a computer can cause a lot of confusion.
Contact Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your home's market value.
