Can I trust some Internet company to figure out the market value of my real estate in Deerfield Estates?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates which claim to figure the sales value of every property in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm which crossreferences factors which affect property 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and leery home buyers 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 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. Home sellers and home purchasers 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 expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of irration.
Get in touch with one of our local experts today for a free comparative market analysis of your property's market value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your home's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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