Can I rely on some Internet company to appraise the market value of my property in Kings Manor Towne Houses?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which claim to calculate the sales value of each home in the United States. Zillow tries to reach this goal this feat by using a complicated program which compares factors which impact home 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry property owners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Kings Manor Towne Houses report 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 impressive 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 home shoppers should know that there is not a single community in Kings Manor Towne Houses where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much stock into a computer can cause a great deal of unnecessary anxiety.
Talk to one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your real estate's value.
