Can I depend on a computer to figure out the market value of my real estate in The_park_at_courthouse?
Zillow is a popular website that "gives" computerized estimates which purport to calculate the market value of every property in the United States. Zillow tries to accomplish this feat by using a complicated program which compares factors which impact real estate values, but here's a typical 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by angry homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The_park_at_courthouse report that Zillow's valuations have a margin of error of around 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 astounding 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 real estate buyers should understand that there is not a single neighborhood in The_park_at_courthouse where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much reliance into a website can cause a lot of confusion.
Contact us today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your real estate's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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