Can I depend on some Internet company to appraise the market value of my property in Lake Ridge Springwoods?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which purport to figure the value of every home in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that crossreferences factors which impact 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by angry property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lake Ridge Springwoods say that Zillow's valuations have a margin of error of around 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 unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Real estate sellers and property buyers should know that there is not a single community in Lake Ridge Springwoods where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much reliance into a website can cause a lot of disappointment.
Contact one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will account for the complicated variables which make up your home's market value.
