Can I rely on a computer to figure out the sales price of my home in Beaufort Park?
Zillow is a billion-dollar website that "gives" automated estimates which purport to figure the value of each and every residence in the United States. Zillow tries to achieve this this task by using a complicated logarithm which crossreferences factors which alter property values, but here's a typical 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset property owners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Beaufort Park report that Zillow's estimates 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 (for now) remains popular with some real estate shoppers. Real estate sellers and property buyers should understand that there is not a single community in Beaufort Park where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of unnecessary anxiety.
Talk to one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the many variables which make up your property's ideal price.
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