Can I depend on some Internet company to appraise the sales price of my property in Addison Heights?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates that claim to figure the ideal price of every property in the United States. Zillow tries to achieve this this feat by using a sophisticated algorithm which compares factors which impact 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Addison Heights report that Zillow's estimates 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Property owners and home purchasers should understand that there is not a single neighborhood in Addison Heights where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a computer can cause a lot of unnecessary anxiety.
Reach out to one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the unique 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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