Can I depend on a computer to figure out the market value of my real estate in Ridgecrest?
Zillow is a billion-dollar website that "gives" automated estimates which purport to calculate the sales value of each home in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm which compares factors which affect home values, but here's a 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 discover many posts by angry property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Ridgecrest report 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Real estate sellers and property purchasers should know that there is not a single community in Ridgecrest where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a website can cause a lot of irration.
Connect with Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your real estate's ideal price.
