Can I depend on some Internet company to appraise the value of my home in Happy Creek Knolls Section 4?
Zillow is a popular Internet marketer that provides automated estimates that claim to figure the ideal price of every residence in the United States. Zillow tries to accomplish this task by using a sophisticated logarithm which crossreferences factors which impact home values, but here's a story I have heard from home 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry property owners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Happy Creek Knolls Section 4 report 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 sales value. 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 people. Home sellers and home buyers should understand that there is not a single community in Happy Creek Knolls Section 4 where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a computer can cause a lot of unnecessary anxiety.
Call one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your real estate's sales value.
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