Can I trust some Internet company to figure out the sales price of my home in Mclean Homes Sale 2?
Zillow is a popular Internet marketer that "gives" "z-estimates" which purport to calculate the market value of each and every home in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm that compares factors which affect property values, but here's a 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset homeowners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mclean Homes Sale 2 claim that Zillow's estimates have a margin of error of approximately 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 (for now) remains popular with some buyers and sellers. Real estate sellers and property buyers should understand that there is not a single neighborhood in Mclean Homes Sale 2 where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of disappointment.
Email one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the unique variables which make up your property's sales value.
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