Can I rely on a computer to appraise the value of my property in Taft_towers?
Zillow is a popular Internet marketer that provides "z-estimates" which claim to calculate the sales value of each residence in the United States. Zillow tries to accomplish this task by using a sophisticated program that crossreferences factors which alter home values, but here's a story I have heard from home 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by upset property owners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Taft_towers say that Zillow's valuations 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 sales 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 real estate shoppers. Home sellers and home buyers should understand that there is not a single community in Taft_towers where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a lot of irration.
Talk to us today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the complicated variables which make up your property's market value.
