Can I rely on a computer to appraise the sales price of my real estate in Langley_oaks?
Zillow is a popular Internet marketer that "gives" computerized estimates that purport to figure the value of every property in the United States. Zillow tries to reach this goal this task by using a complicated program which compares factors which impact 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Langley_oaks claim 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 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 real estate shoppers. Property owners and home shoppers should know that there is not a single neighborhood in Langley_oaks where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much reliance into a website can cause a lot of disappointment.
Email one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the unique variables which make up your real estate's sales value.
