Can I rely on some Internet company to appraise the market value of my real estate in Dunn Loring?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which purport to calculate the sales value of each and every residence in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm which crossreferences factors which alter real estate 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 discover many complaints by angry homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Dunn Loring report 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 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 real estate shoppers. Property owners and property buyers should understand that there is not a single neighborhood in Dunn Loring where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of confusion.
Email Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique variables which make up your home's ideal price.
