Can I rely on a computer to appraise the market value of my property in Smiths_add_berskshire?
Zillow is a popular Internet marketer that provides "z-estimates" which claim to calculate the sales value of each property in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm which compares factors which affect real estate 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by upset property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Smiths_add_berskshire say 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 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 property buyers should understand that there is not a single neighborhood in Smiths_add_berskshire where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much stock into a computer logarithm can cause a lot of unnecessary anxiety.
Email 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. Rather, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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