Can I depend on a computer to appraise the value of my property in Buckland_mill?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which purport to figure the sales value of each and every property in the United States. Zillow tries to accomplish this task by using a complicated logarithm that crossreferences factors which affect 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry homeowners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Buckland_mill report that Zillow's estimates have a margin of error of approximately 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Property owners and home buyers should understand that there is not a single community in Buckland_mill 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 with a grain of salt. Putting too much trust into a computer logarithm can cause a great deal of irration.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's ideal price.
