Can I depend on a computer to appraise the market value of my home in Cedar Crest Estates?
Zillow is a popular Internet marketer that "gives" "z-estimates" which purport to figure the value of every residence in the United States. Zillow tries to achieve this this feat by using a fancy program that compares factors which impact home values, but here's a 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints 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 Cedar Crest Estates 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 sales value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Real estate sellers and home buyers should know that there is not a single neighborhood in Cedar Crest Estates where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website at arm’s length. Putting too much stock into a computer logarithm can cause a lot of confusion.
Reach out to Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your home's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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