Can I trust a computer to calculate the sales price of my property in Columbia_heights?
Zillow is a billion-dollar website that provides "z-estimates" that purport to calculate the sales value of every home in the United States. Zillow tries to achieve this this feat by using a complicated program which crossreferences factors which impact home 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry property owners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Columbia_heights report 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 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. Real estate sellers and property buyers should understand that there is not a single neighborhood in Columbia_heights where either a mortgage lender or tax collector uses Zillow 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 website can cause a lot of unnecessary anxiety.
Contact one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the complicated variables which make up your home's sales value.
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