Can I trust some Internet company to calculate the market value of my real estate in The_bromptons_at_clarendon?
Zillow is a popular website that "gives" automated estimates that claim to figure the sales value of each home in the United States. Zillow tries to accomplish this task by using a fancy algorithm which compares factors which impact property values, but here's a story I have heard from real estate 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 countless posts by angry property owners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The_bromptons_at_clarendon report that Zillow's estimates have a margin of error of around 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 astounding 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 purchasers should understand that there is not a single community in The_bromptons_at_clarendon where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much stock into a computer can cause a lot of confusion.
Talk to us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your home's value.
