Can I depend on a computer to appraise the sales price of my real estate in Greenway Heights?
Zillow is a popular website that "gives" "z-estimates" that purport to calculate the sales value of every home in the United States. Zillow tries to accomplish this task by using a sophisticated algorithm that crossreferences factors which alter home values, but here's a typical 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry property owners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Greenway Heights 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 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 buyers and sellers. Home sellers and home purchasers should understand that there is not a single neighborhood in Greenway Heights where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much reliance into a computer can cause a great deal of disappointment.
Contact Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the many variables which make up your home's sales value.
