Can I rely on a computer to figure out the sales price of my home in Summertree Condo Apts?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates which claim to calculate the ideal price of each property in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm that compares factors which alter 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by upset homeowners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Summertree Condo Apts report 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 market 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 (for now) remains popular with some buyers and sellers. Property owners and real estate purchasers should know that there is not a single neighborhood in Summertree Condo Apts where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of disappointment.
Connect with one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your property's value.
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