Can I depend on a computer to figure out the value of my home in Westview_hills?
Zillow is a billion-dollar Internet marketer that provides automated estimates that claim to figure the market value of each home in the United States. Zillow tries to achieve this this feat by using a sophisticated logarithm which crossreferences factors which affect home 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Westview_hills report that Zillow's estimates 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 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 still remains popular with some people. Real estate sellers and home shoppers should understand that there is not a single neighborhood in Westview_hills where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site with a grain of salt. Putting too much reliance into a website can cause a great deal of unnecessary anxiety.
Contact us today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the many variables which make up your property's sales value.
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