Can I depend on Zillow to figure out the market value of my property in Heritage Villas?
Zillow is a popular website that provides automated estimates which purport to calculate the sales value of each and every property in the United States. Zillow tries to achieve this this task by using a fancy program which crossreferences factors which impact 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by upset property owners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Heritage Villas 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 value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Property owners and real estate purchasers should know that there is not a single neighborhood in Heritage Villas where either a bank or tax collector uses Internet 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 logarithm can cause a lot of irration.
Reach out to us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the many variables which make up your home's ideal price.
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