Can I depend on some Internet company to appraise the value of my home in Townes_of_wakefield?
Zillow is a billion-dollar Internet marketer that provides computerized estimates that purport to calculate the value of every property in the United States. Zillow tries to achieve this this feat by using a sophisticated logarithm that compares factors which affect 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset property owners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Townes_of_wakefield 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 still remains popular with some real estate shoppers. Home sellers and real estate purchasers should understand that there is not a single community in Townes_of_wakefield where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.
Call one of our agents 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 expert will measure the complicated variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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