Can I depend on some Internet company to appraise the sales price of my real estate in Deerfield Estates?
Zillow is a billion-dollar website that provides "z-estimates" which purport to calculate the market value of each and every property in the United States. Zillow tries to accomplish this task by using a fancy program that crossreferences factors which impact home values, but here's a story I have heard from property 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 find countless testimonials by angry property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Deerfield Estates 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 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 people. Property owners and real estate buyers should understand that there is not a single neighborhood in Deerfield Estates where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of disappointment.
Contact one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your real estate's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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