Can I rely on some Internet company to calculate the sales price of my home in Carriage Park?
Zillow is a billion-dollar website that "gives" computerized estimates which claim to figure the sales value of each residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated program that crossreferences factors which impact 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 many complaints by upset homeowners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Carriage Park 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 ideal price. 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 (for now) remains popular with some people. Property owners and real estate buyers should understand that there is not a single community in Carriage Park where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.
Contact one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the unique variables which make up your home's sales value.
