Can I trust some Internet company to figure out the market value of my real estate in Centreville_green?
Zillow is a popular website that provides automated estimates that claim to calculate the ideal price of every property in the United States. Zillow tries to accomplish this task by using a fancy algorithm which compares factors which affect home 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Centreville_green 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 market 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 property buyers should understand that there is not a single neighborhood in Centreville_green where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of disappointment.
Contact Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your real estate's sales value.
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