Can I trust a computer to appraise the market value of my real estate in Mountain Farm?
Zillow is a billion-dollar website that provides automated estimates which claim to figure the ideal price of each and every home in the United States. Zillow tries to accomplish this task by using a complicated program that crossreferences factors which alter home values, but here's a 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mountain Farm report 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 market 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 (for now) remains popular with some real estate shoppers. Property owners and property purchasers should understand that there is not a single community in Mountain Farm where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of confusion.
Talk to one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will account for 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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