Can I depend on some Internet company to appraise the sales price of my home in Southport?
Zillow is a billion-dollar Internet marketer that provides "z-estimates" that purport to figure the value of every residence in the United States. Zillow tries to achieve this this task by using a complicated program that crossreferences factors which affect 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry homeowners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Southport report that Zillow's estimates 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some people. Property owners and property purchasers should understand that there is not a single neighborhood in Southport where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of confusion.
Talk to us today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated 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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