Can I trust a computer to appraise the value of my home in Long Branch Estates?
Zillow is a popular Internet marketer that "gives" computerized estimates which purport to figure the value of each and every property in the United States. Zillow tries to achieve this this feat by using a sophisticated logarithm that crossreferences factors which impact 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 countless posts by upset property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Long Branch 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 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 buyers and sellers. Home sellers and home shoppers should know that there is not a single community in Long Branch Estates where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of irration.
Contact us today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the many variables which make up your real estate's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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