Can I trust some Internet company to figure out the value of my property in The_brittany_condominiums?
Zillow is a popular website that "gives" computerized estimates that claim to figure the value of each and every property in the United States. Zillow tries to achieve this this task by using a fancy algorithm which compares factors which impact property values, but here's a typical story I have heard from property 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The_brittany_condominiums 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 ideal price. 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. Property owners and home purchasers should know that there is not a single community in The_brittany_condominiums where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much stock into a website can cause a lot of disappointment.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the unique variables which make up your real estate's market value.
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