Can I rely on Zillow to calculate the sales price of my real estate in Wundoria?
Zillow is a popular Internet marketer that "gives" "z-estimates" that purport to calculate the sales value of every property in the United States. Zillow tries to accomplish this task by using a complicated logarithm which crossreferences factors which alter real estate 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Wundoria claim that Zillow's valuations 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 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. Property owners and home buyers should know that there is not a single community in Wundoria where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a lot of unnecessary anxiety.
Talk to us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your property's sales value.
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