Can I rely on some Internet company to calculate the sales price of my real estate in Hillendale?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" that claim to figure the ideal price of each and every property in the United States. Zillow tries to accomplish this feat by using a sophisticated logarithm that compares factors which impact property 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry property owners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Hillendale 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 (for now) remains popular with some buyers and sellers. Real estate sellers and property shoppers should know that there is not a single community in Hillendale where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of unnecessary anxiety.
Contact Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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