Can I depend on a computer to figure out the market value of my property in Clifton Ridge?
Zillow is a popular website that "gives" automated estimates which claim to figure the ideal price of each property in the United States. Zillow tries to achieve this this task by using a complicated algorithm which compares 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by angry homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Clifton Ridge claim that Zillow's valuations have a margin of error of about 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Property owners and real estate shoppers should know that there is not a single neighborhood in Clifton Ridge where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website at arm’s length. Putting too much stock into a computer can cause a lot of disappointment.
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 expert will take into account the complicated variables which make up your property's value.
