Can I rely on a computer to appraise the sales price of my property in Wakefield_forest?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which claim to figure the ideal price of each and every property in the United States. Zillow tries to accomplish this task by using a fancy logarithm that crossreferences factors which affect property values, but here's a typical story I have heard from real estate 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 property owners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Wakefield_forest 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 sales value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Home sellers and real estate shoppers should understand that there is not a single neighborhood in Wakefield_forest where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer can cause a great deal of confusion.
Get in touch with Nesbitt Realty 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 unique variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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