Can I rely on Zillow to appraise the sales price of my property in Windsor_plaza?
Zillow is a billion-dollar website that provides computerized estimates which claim to figure the market value of every property in the United States. Zillow tries to reach this goal this feat by using a sophisticated program that crossreferences 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Windsor_plaza report 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 ideal price. If the margin of error is an improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Property owners and home buyers should know that there is not a single community in Windsor_plaza where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer at arm’s length. Putting too much trust into a computer can cause a lot of confusion.
Get in touch with 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 real estate agent will account for the many variables which make up your real estate's market value.
