Can I rely on a computer to appraise the market value of my home in Dominion Reserve?
Zillow is a popular Internet marketer that provides computerized estimates which claim to figure the market value of each residence in the United States. Zillow tries to accomplish this task by using a fancy program that compares factors which alter home values, but here's a typical story I have heard from home sellers in Northern Virginia:
![Zillow Is Zillow accurate?](https://nesbittrealty.com/wp-content/uploads/2012/11/zillow.gif)
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 many testimonials by angry homeowners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Dominion Reserve claim that Zillow's valuations 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Property owners and property buyers should understand that there is not a single neighborhood in Dominion Reserve where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much stock into a website can cause a great deal of unnecessary anxiety.
Connect 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. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the many variables which make up your real estate's sales value.
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