Can I rely on Zillow to appraise the market value of my home in Mc Adams Hillbrook?
Zillow is a popular website that provides automated estimates which claim to calculate the market value of every property in the United States. Zillow tries to accomplish this feat by using a fancy program that crossreferences factors which impact home 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 many testimonials by angry property owners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mc Adams Hillbrook claim that Zillow's valuations have a margin of error of around 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 sales value. 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 still remains popular with some people. Real estate sellers and home purchasers should know that there is not a single community in Mc Adams Hillbrook where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a computer can cause a great deal 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 sales value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the complicated variables which make up your home's ideal price.
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