Can I depend on some Internet company to appraise the value of my property in Courthouse Clarendon?
Zillow is a popular Internet marketer that "gives" computerized estimates which purport to figure the market value of each property in the United States. Zillow tries to accomplish this feat by using a fancy program that crossreferences factors which alter real estate values, but here's a story I have heard from property 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 many posts by upset homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Courthouse 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 still remains popular with some people. Real estate sellers and property purchasers should understand that there is not a single community in Courthouse Clarendon where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a lot of unnecessary anxiety.
Contact us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the many variables which make up your property's value.
