Can I trust some Internet company to calculate the market value of my home in Whistling Pines?
Zillow is a billion-dollar website that provides automated estimates that claim to figure the market value of each residence in the United States. Zillow tries to reach this goal this feat by using a fancy program that crossreferences factors which impact 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Whistling Pines 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. Home sellers and property shoppers should understand that there is not a single neighborhood in Whistling Pines where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a website can cause a lot of irration.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your property's value.
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