Can I rely on some Internet company to appraise the market value of my property in See_map?
Zillow is a billion-dollar website that "gives" computerized estimates that claim to figure the value of each home in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm which crossreferences factors which alter real estate 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in See_map 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 ideal price. 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 (for now) remains popular with some people. Property owners and real estate shoppers should know that there is not a single neighborhood in See_map where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of irration.
Email one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the many variables which make up your home's value.
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