Can I depend on some Internet company to appraise the value of my real estate in Features?
Zillow is a popular Internet marketer that provides "z-estimates" which claim to figure the value of every home in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm that crossreferences factors which affect real estate values, but here's a typical 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Features claim that Zillow's estimates 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 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 still remains popular with some buyers and sellers. Property owners and real estate purchasers should understand that there is not a single community in Features where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any online site with a grain of salt. Putting too much trust into a computer can cause a great deal of unnecessary anxiety.
Get in touch with one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your property's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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