Can I trust a computer to appraise the sales price of my real estate in Ballston_towne_west?
Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to figure the ideal price of each and every home in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that compares factors which alter home values, but here's a typical 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 find countless complaints by upset property owners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Ballston_towne_west say 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 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 (for now) remains popular with some people. Property owners and property purchasers should know that there is not a single neighborhood in Ballston_towne_west where either a bank or tax collector uses Zillow 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 can cause a great deal of unnecessary anxiety.
Reach out to one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your property's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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