Can I depend on Zillow to appraise the value of my home in Ballston_mews?
Zillow is a popular Internet marketer that provides computerized estimates that purport to calculate the ideal price of each and every residence in the United States. Zillow tries to reach this goal this feat by using a fancy program that crossreferences factors which affect property 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Ballston_mews claim 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 sales value. 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 shoppers should understand that there is not a single community in Ballston_mews where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of unnecessary anxiety.
Contact 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 unique variables which make up your property's value.
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