Can I trust Zillow to calculate the value of my property in Sky Bryce?
Zillow is a popular Internet marketer that "gives" "z-estimates" which claim to figure the sales value of each residence in the United States. Zillow tries to accomplish this task by using a fancy algorithm which compares 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by upset homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Sky Bryce report that Zillow's valuations 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 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 people. Home sellers and property shoppers should know that there is not a single neighborhood in Sky Bryce where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much reliance into a website 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 account for the many variables which make up your property's sales value.
