Can I trust some Internet company to appraise the value of my home in The Wooster And Mercer Lofts?
Zillow is a popular Internet marketer that provides automated estimates that claim to calculate the value of each and every residence in the United States. Zillow tries to achieve this this task by using a complicated program which crossreferences factors which affect property values, but here's a typical 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 many testimonials by upset property owners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The Wooster And Mercer Lofts 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 ideal price. 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 still remains popular with some real estate shoppers. Home sellers and property purchasers should understand that there is not a single community in The Wooster And Mercer Lofts where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a website can cause a great deal of confusion.
Phone one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your home's value.
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