Can I depend on a computer to appraise the market value of my home in Westmoreland_terrace?
Zillow is a billion-dollar Internet marketer that provides automated estimates that claim to figure the ideal price of every residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated algorithm that compares factors which alter real estate 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 many complaints by angry property owners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Westmoreland_terrace say that Zillow's valuations 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 sales 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 (for now) remains popular with some people. Home sellers and home buyers should understand that there is not a single community in Westmoreland_terrace where either a mortgage lender 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 trust into a computer can cause a lot of disappointment.
Contact us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your home's value.
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