Can I trust a computer to appraise the sales price of my property in Fairlington_mdws?
Zillow is a billion-dollar website that "gives" automated estimates which purport to calculate the value of each and every property in the United States. Zillow tries to reach this goal this feat by using a fancy program that compares factors which affect home values, but here's a typical 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairlington_mdws claim that Zillow's estimates have a margin of error of around 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 real estate shoppers. Property owners and home shoppers should understand that there is not a single community in Fairlington_mdws where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much trust into a computer logarithm can cause a great deal of unnecessary anxiety.
Phone one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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