Can I depend on Zillow to appraise the value of my property in Fairfax Manor?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" that purport to calculate the market value of each home in the United States. Zillow tries to achieve this this feat by using a complicated program which compares factors which alter 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairfax Manor say that Zillow's valuations have a margin of error of approximately 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 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 people. Home sellers and home shoppers should know that there is not a single community in Fairfax Manor where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of confusion.
Contact Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the many variables which make up your real estate's ideal price.
