Can I rely on a computer to appraise the sales price of my real estate in Shirlington?
Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to figure the sales value of each home in the United States. Zillow tries to achieve this this feat by using a complicated program which crossreferences factors which alter home values, but here's a typical 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 find countless testimonials by upset homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Shirlington 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 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 (for now) remains popular with some buyers and sellers. Real estate sellers and property purchasers should know that there is not a single neighborhood in Shirlington where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much reliance into a computer can cause a great deal of irration.
Call one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the complicated variables which make up your home's ideal price.
