Can I rely on a computer to figure out the value of my real estate in Red_fox_forest?
Zillow is a popular website that "gives" automated estimates which claim to calculate the market value of every home in the United States. Zillow tries to reach this goal this task by using a complicated algorithm that compares factors which alter home 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry homeowners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Red_fox_forest 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 ideal price. 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 still remains popular with some buyers and sellers. Property owners and real estate purchasers should understand that there is not a single community in Red_fox_forest where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a website can cause a lot of confusion.
Talk to us today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your real estate's ideal price.
