Can I rely on Zillow to appraise the sales price of my property in Old Mill Community?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which claim to figure the ideal price of every property in the United States. Zillow tries to achieve this this feat by using a complicated algorithm which compares factors which alter property values, but here's a typical 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry homeowners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Old Mill Community 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some buyers and sellers. Home sellers and property purchasers should know that there is not a single neighborhood in Old Mill Community where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any computer with a grain of salt. Putting too much trust into a computer logarithm can cause a great deal of unnecessary anxiety.
Talk to one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the unique variables which make up your property's sales value.
