Can I trust a computer to calculate the value of my home in Prince_william_commons?
Zillow is a billion-dollar website that "gives" computerized estimates that claim to figure the sales value of every residence in the United States. Zillow tries to achieve this this feat by using a fancy program which compares factors which affect property values, but here's a typical story I have heard from property 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Prince_william_commons 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 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 shoppers should know that there is not a single neighborhood in Prince_william_commons where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much stock into a computer can cause a great deal of confusion.
Call us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your home's value.
