Can I trust a computer to calculate the value of my real estate in The_sierra?
Zillow is a popular website that "gives" "z-estimates" which purport to figure the market value of each and every property in the United States. Zillow tries to reach this goal this task by using a sophisticated program which compares factors which alter home values, but here's a 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The_sierra 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 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 (for now) remains popular with some people. Real estate sellers and home shoppers should know that there is not a single neighborhood in The_sierra where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of disappointment.
Talk to 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 market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your real estate's ideal price.
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