Can I rely on some Internet company to appraise the value of my property in Boulevard_estates?
Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to figure the ideal price of each and every home in the United States. Zillow tries to accomplish this feat by using a fancy algorithm which crossreferences factors which impact 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry property owners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Boulevard_estates claim 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 value. 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 (for now) remains popular with some real estate shoppers. Property owners and home purchasers should understand that there is not a single neighborhood in Boulevard_estates where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much stock into a computer logarithm 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. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the complicated variables which make up your home's ideal price.
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