Can I rely on Zillow to figure out the market value of my real estate in Elkton?
Zillow is a popular Internet marketer that "gives" computerized estimates which claim to calculate the ideal price of each home in the United States. Zillow tries to reach this goal this feat by using a fancy program that compares factors which impact home 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 find countless posts by upset property owners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Elkton say 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 ideal price. 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 (for now) remains popular with some buyers and sellers. Real estate sellers and real estate buyers should know that there is not a single community in Elkton where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer at arm’s length. Putting too much reliance into a computer can cause a great deal of disappointment.
Talk to us today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the unique variables which make up your real estate's market value.
