Can I rely on some Internet company to appraise the value of my property in Willow Run Park?
Zillow is a popular Internet marketer that "gives" "z-estimates" which purport to calculate the value of each and every property in the United States. Zillow tries to accomplish this task by using a sophisticated logarithm that crossreferences factors which alter 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 many testimonials by upset property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Willow Run Park say 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 still remains popular with some real estate shoppers. Home sellers and home purchasers should understand that there is not a single community in Willow Run Park where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much trust into a computer logarithm can cause a great deal of confusion.
Contact us today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will account for the complicated variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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