Can I depend on some Internet company to appraise the sales price of my home in 26 15?
Zillow is a popular Internet marketer that provides "z-estimates" that claim to calculate the value of every home in the United States. Zillow tries to achieve this this task by using a complicated algorithm that compares factors which impact home values, but here's a typical 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset property owners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in 26 15 claim 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 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. Real estate sellers and property buyers should know that there is not a single neighborhood in 26 15 where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of irration.
Connect with one of our agents today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty Realtor will account for the unique variables which make up your home's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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