Can I rely on some Internet company to appraise the sales price of my home in Blue Ridge Shadows?
Zillow is a popular Internet marketer that "gives" computerized estimates which claim to calculate the sales value of each residence in the United States. Zillow tries to accomplish this task by using a fancy program 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Blue Ridge Shadows say that Zillow's estimates 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 unlikley 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 home shoppers should know that there is not a single community in Blue Ridge Shadows where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any computer at arm’s length. Putting too much stock into a computer logarithm can cause a great deal of disappointment.
Get in touch with us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the many variables which make up your real estate's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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