Can I depend on some Internet company to figure out the market value of my home in Reston?
Zillow is a popular website that provides computerized estimates that purport to calculate the ideal price of every residence in the United States. Zillow tries to achieve this this feat by using a complicated algorithm which compares 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry property owners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Reston report 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some people. Real estate sellers and property purchasers should know that there is not a single neighborhood in Reston where either a bank 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 trust into a website can cause a great deal of irration.
Email one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your property's ideal price.
