Can I rely on Zillow to calculate the value of my real estate in The Oaks At Mclean?
Zillow is a billion-dollar website that "gives" automated estimates that purport to calculate the market value of each and every residence in the United States. Zillow tries to accomplish this task by using a complicated program that crossreferences factors which impact real estate values, but here's a 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The Oaks At Mclean 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 real estate shoppers. Real estate sellers and real estate buyers should understand that there is not a single community in The Oaks At Mclean where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer with a grain of salt. Putting too much trust into a computer can cause a lot of irration.
Contact 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. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the unique variables which make up your property's market value.
