Can I rely on a computer to calculate the value of my home in Lake Anne Of Reston?
Zillow is a popular Internet marketer that "gives" computerized estimates which claim to calculate the market value of every residence in the United States. Zillow tries to reach this goal this task by using a sophisticated program which compares factors which impact home values, but here's a 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by upset property owners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lake Anne Of Reston claim 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 improbable 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 home shoppers should know that there is not a single community in Lake Anne Of Reston where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much trust into a computer logarithm can cause a lot of confusion.
Contact us today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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