Can I rely on some Internet company to figure out the market value of my home in Residences Of Lorton Station?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" that claim to figure the value of every home in the United States. Zillow tries to accomplish this task by using a sophisticated program which crossreferences factors which alter real estate values, but here's a 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Residences Of Lorton Station claim that Zillow's estimates 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 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 still remains popular with some people. Home sellers and real estate buyers should know that there is not a single neighborhood in Residences Of Lorton Station where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of irration.
Email one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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