Can I depend on a computer to figure out the market value of my property in Heywood Glen?
Zillow is a popular Internet marketer that provides automated estimates that claim to figure the ideal price of each and every property in the United States. Zillow tries to reach this goal this feat by using a fancy algorithm that compares factors which affect 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by angry property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Heywood Glen say that Zillow's valuations 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 market 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 people. Real estate sellers and home shoppers should know that there is not a single neighborhood in Heywood Glen where either a mortgage lender 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 trust into a website can cause a lot of disappointment.
Email 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 sales value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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