Can I depend on some Internet company to calculate the sales price of my property in Westport?
Zillow is a billion-dollar website that "gives" computerized estimates which purport to calculate the ideal price of every home in the United States. Zillow tries to accomplish this task by using a sophisticated program that crossreferences factors which affect real estate values, but here's a typical 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset property owners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Westport say 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 ideal price. 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 buyers and sellers. Property owners and home purchasers should understand that there is not a single community in Westport where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a computer can cause a great deal of confusion.
Contact us today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many variables which make up your real estate's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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