Can I trust some Internet company to appraise the market value of my property in Henderson Hills?
Zillow is a popular Internet marketer that provides "z-estimates" that claim to figure the sales value of every home in the United States. Zillow tries to reach this goal this task by using a fancy logarithm that compares factors which impact real estate 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset property owners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Henderson Hills 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 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 (for now) remains popular with some real estate shoppers. Home sellers and property buyers should understand that there is not a single community in Henderson Hills where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much stock into a website can cause a great deal of confusion.
Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your home's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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