Can I trust a computer to figure out the value of my property in Langley Manor?
Zillow is a popular website that "gives" computerized estimates which claim to calculate the value of every property in the United States. Zillow tries to achieve this this task by using a complicated algorithm that crossreferences factors which affect property values, but here's a typical story I have heard from property 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 find countless posts by upset property owners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Langley Manor say 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 real estate shoppers. Home sellers and real estate shoppers should understand that there is not a single neighborhood in Langley Manor where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.
Contact one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the complicated variables which make up your property's sales value.
