Can I trust a computer to calculate the sales price of my home in North_arlington_englewood?
Zillow is a popular website that provides "z-estimates" that claim to calculate the market value of each and every residence in the United States. Zillow tries to accomplish this feat by using a sophisticated program which crossreferences factors which affect home values, but here's a typical 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 Google the Internet 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 North_arlington_englewood report 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 market value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Home sellers and property shoppers should know that there is not a single community in North_arlington_englewood where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer can cause a great deal of disappointment.
Contact one of our local experts today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will account for the unique variables which make up your real estate's ideal price.
