Can I depend on Zillow to appraise the sales price of my real estate in Maple_hill_estates?
Zillow is a popular Internet marketer that "gives" computerized estimates which purport to calculate the value of each home in the United States. Zillow tries to accomplish this task by using a sophisticated program which crossreferences factors which impact 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Maple_hill_estates say 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 ideal price. 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 still remains popular with some people. Home sellers and property shoppers should understand that there is not a single community in Maple_hill_estates where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much stock into a computer logarithm can cause a lot of disappointment.
Connect with us today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your real estate's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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