Can I rely on Zillow to calculate the market value of my real estate in Collingwood?
Zillow is a popular Internet marketer that provides computerized estimates which claim to figure the ideal price of every home in the United States. Zillow tries to achieve this this feat by using a fancy logarithm that crossreferences factors which alter home 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 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 purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Collingwood claim 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 (for now) remains popular with some real estate shoppers. Property owners and property buyers should understand that there is not a single neighborhood in Collingwood where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site with a grain of salt. Putting too much stock into a website can cause a lot of confusion.
Phone one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the unique variables which make up your property's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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