Can I rely on Zillow to calculate the sales price of my real estate in Great Oak?
Zillow is a billion-dollar website that "gives" computerized estimates that claim to figure the sales value of every residence in the United States. Zillow tries to accomplish this task by using a fancy algorithm which crossreferences factors which impact property values, but here's a 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Great Oak report that Zillow's estimates 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 ideal price. If the margin of error is an unlikley 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 shoppers should understand that there is not a single community in Great Oak where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much stock into a website can cause a lot of disappointment.
Email us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's sales value.
