Can I rely on Zillow to appraise the market value of my property in Beverly_park?
Zillow is a popular website that provides automated estimates that claim to calculate the ideal price of every residence in the United States. Zillow tries to achieve this this feat by using a complicated program that compares factors which impact real estate 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by angry property owners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Beverly_park claim that Zillow's valuations 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 value. If the margin of error is an improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some real estate shoppers. Real estate sellers and property shoppers should know that there is not a single neighborhood in Beverly_park where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a website can cause a lot of irration.
Connect with us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your real estate's value.
