Can I rely on some Internet company to calculate the market value of my real estate in Princess Royal?
Zillow is a popular website that "gives" "z-estimates" which purport to calculate the sales value of each residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm which compares factors which alter property values, but here's a story I have heard from property 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 find many testimonials by upset homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Princess Royal claim that Zillow's valuations 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 (for now) remains popular with some people. Home sellers and home shoppers should understand that there is not a single community in Princess Royal where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a computer can cause a lot of unnecessary anxiety.
Contact one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate pro will take into account the many variables which make up your home's value.
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