Can I depend on a computer to appraise the value of my home in Signal_hill?
Zillow is a billion-dollar website that provides computerized estimates which purport to calculate the market value of every residence in the United States. Zillow tries to reach this goal this task by using a fancy program which compares factors which alter home values, but here's a typical 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset property owners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Signal_hill say that Zillow's estimates 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 astounding 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. Real estate sellers and home buyers should know that there is not a single neighborhood in Signal_hill where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a computer logarithm can cause a lot of disappointment.
Contact Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the unique variables which make up your property's market value.
