Can I rely on a computer to appraise the market value of my property in Crystal_gateway?
Zillow is a billion-dollar website that "gives" computerized estimates that claim to figure the market value of every residence in the United States. Zillow tries to reach this goal this feat by using a complicated program which crossreferences factors which alter home 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Crystal_gateway say that Zillow's estimates 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 ideal price. If the margin of error is an impressive 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 property shoppers should know that there is not a single community in Crystal_gateway where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much reliance into a computer can cause a lot of disappointment.
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 market value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your real estate's market value.
