Can I rely on a computer to figure out the sales price of my real estate in Ayr Hill Park?
Zillow is a popular website that provides computerized estimates which claim to calculate the value of each residence in the United States. Zillow tries to achieve this this feat by using a complicated algorithm that crossreferences factors which alter property values, but here's a 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Ayr Hill Park say 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 value. 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 still remains popular with some people. Real estate sellers and property shoppers should understand that there is not a single community in Ayr Hill Park where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much stock into a computer can cause a lot of irration.
Talk to Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your real estate's market value.
