Can I rely on some Internet company to appraise the market value of my real estate in Antietam Square Condo?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates that purport to calculate the market value of each and every residence in the United States. Zillow tries to accomplish this feat by using a fancy logarithm which compares factors which alter property values, but here's a 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 discover many posts by angry property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Antietam Square Condo say 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 improbable 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 property buyers should know that there is not a single neighborhood in Antietam Square Condo where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much stock into a computer logarithm can cause a great deal of confusion.
Email Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the many variables which make up your real estate's value.
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