Can I rely on a computer to appraise the value of my real estate in James_marcey_jr?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates which claim to figure the sales value of each and every home in the United States. Zillow tries to achieve this this task by using a complicated logarithm that compares factors which impact property 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in James_marcey_jr claim 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 market value. 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 (for now) remains popular with some real estate shoppers. Property owners and property shoppers should understand that there is not a single community in James_marcey_jr where either a bank 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 trust into a computer logarithm can cause a lot of irration.
Reach out to Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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