Can I rely on a computer to calculate the value of my real estate in Louderback Addition?
Zillow is a popular website that "gives" computerized estimates which purport 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 that crossreferences factors which affect home values, but here's a typical 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Louderback Addition report that Zillow's estimates 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 value. 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 still remains popular with some real estate shoppers. Home sellers and property purchasers should know that there is not a single community in Louderback Addition where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a website can cause a lot of unnecessary anxiety.
Talk to Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the unique variables which make up your real estate's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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