Can I rely on a computer to appraise the sales price of my real estate in Mclean Manor?
Zillow is a popular Internet marketer that provides "z-estimates" which claim to calculate the value of every home in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm which crossreferences factors which alter property 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset property owners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mclean Manor say that Zillow's valuations have a margin of error of around 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 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. Real estate sellers and property purchasers should understand that there is not a single neighborhood in Mclean Manor where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.
Connect with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your home's ideal price.
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