Can I rely on a computer to figure out the market value of my property in Glebewood?
Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to figure the ideal price of every property in the United States. Zillow tries to reach this goal this task by using a complicated logarithm that crossreferences factors which affect home values, but here's a story I have heard from real estate 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 complaints by angry homeowners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Glebewood 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 market value. If the margin of error is an unlikley 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 shoppers should know that there is not a single community in Glebewood where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of irration.
Talk to us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the unique variables which make up your home's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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