Can I trust some Internet company to appraise the sales price of my property in Rolling_valley?
Zillow is a billion-dollar website that "gives" computerized estimates which claim to figure the value of each and every home in the United States. Zillow tries to accomplish this feat by using a sophisticated algorithm which compares factors which affect real estate values, but here's a 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Rolling_valley 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 value. 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 buyers and sellers. Real estate sellers and real estate buyers should know that there is not a single community in Rolling_valley where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much stock into a website can cause a great deal of unnecessary anxiety.
Contact one of our local experts 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 agent will account for the many variables which make up your real estate's value.
