Can I rely on a computer to figure out the value of my property in Fairlington_village?
Zillow is a popular Internet marketer that "gives" automated estimates that claim to calculate the sales value of each home in the United States. Zillow tries to accomplish this task by using a complicated logarithm that crossreferences factors which affect property 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairlington_village claim that Zillow's estimates 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Property owners and property purchasers should know that there is not a single neighborhood in Fairlington_village where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of confusion.
Get in touch with one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your property's market value.
