Can I rely on a computer to calculate the sales price of my home in Red Bud Run?
Zillow is a billion-dollar website that "gives" computerized estimates that purport to figure the ideal price of every property in the United States. Zillow tries to reach this goal this task by using a sophisticated program which compares factors which alter 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset property owners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Red Bud Run claim that Zillow's valuations 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Real estate sellers and property buyers should know that there is not a single neighborhood in Red Bud Run where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a website can cause a great deal of confusion.
Reach out to us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the unique variables which make up your property's value.
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