Can I trust some Internet company to appraise the sales price of my property in Englandboro?
Zillow is a popular website that provides computerized estimates that purport to figure the ideal price of every residence in the United States. Zillow tries to accomplish this feat by using a complicated algorithm which crossreferences factors which impact home 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Englandboro 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 astounding 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. Home sellers and home purchasers should know that there is not a single neighborhood in Englandboro where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a website can cause a great deal of irration.
Reach out to one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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