Can I depend on a computer to appraise the value of my property in Alden_glen?
Zillow is a billion-dollar website that "gives" automated estimates which purport to figure the sales value of every residence in the United States. Zillow tries to reach this goal this feat by using a fancy algorithm which crossreferences factors which affect real estate 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 countless posts by angry homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Alden_glen report that Zillow's estimates 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 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. Real estate sellers and real estate shoppers should know that there is not a single community in Alden_glen where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much trust into a computer logarithm can cause a great deal of unnecessary anxiety.
Reach out to one of our local experts today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the many variables which make up your real estate's market value.
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