Can I rely on some Internet company to figure out the sales price of my property in Caroline Oaks?
Zillow is a popular website that "gives" automated estimates that claim to calculate the market value of every property in the United States. Zillow tries to achieve this this feat by using a complicated algorithm that 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry property owners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Caroline Oaks report 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 market value. If the margin of error is an unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Property owners and home shoppers should know that there is not a single community in Caroline Oaks where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much trust into a computer can cause a great deal of disappointment.
Connect with us today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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