Can I trust a computer to calculate the market value of my real estate in Clarendon?
Zillow is a billion-dollar website that provides "z-estimates" which claim to figure the market value of every residence in the United States. Zillow tries to achieve this this feat by using a sophisticated program that compares factors which alter real estate values, but here's a 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by upset property owners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Clarendon say that Zillow's valuations have a margin of error of approximately 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 (for now) remains popular with some buyers and sellers. Home sellers and home purchasers should know that there is not a single community in Clarendon where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.
Email 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 Realtor will take into account the complicated variables which make up your real estate's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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