Can I trust Zillow to appraise the market value of my property in Newington Commons?
Zillow is a billion-dollar Internet marketer that provides automated estimates which purport to figure the ideal price of each and every home in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm which compares factors which alter 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by angry homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Newington Commons report that Zillow's valuations 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 people. Home sellers and property buyers should know that there is not a single neighborhood in Newington Commons where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a website can cause a lot of unnecessary anxiety.
Reach out to Nesbitt Realty 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 real estate pro will account for the unique variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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