Can I depend on Zillow to appraise the value of my home in Carr At New Providence?
Zillow is a billion-dollar website that "gives" computerized estimates which purport to figure the sales value of each property in the United States. Zillow tries to reach this goal this task by using a complicated algorithm that compares factors which impact home values, but here's a typical story I have heard from home 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 testimonials by upset property owners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Carr At New Providence report that Zillow's estimates 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 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 buyers and sellers. Home sellers and real estate buyers should know that there is not a single community in Carr At New Providence where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much stock into a computer can cause a lot of disappointment.
Email one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your property's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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