Can I trust some Internet company to figure out the sales price of my real estate in Robinson Landing?
Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which claim to calculate the market value of each residence in the United States. Zillow tries to accomplish this task by using a fancy algorithm that compares factors which affect home values, but here's a typical 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Robinson Landing claim 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Real estate sellers and property buyers should understand that there is not a single community in Robinson Landing where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much reliance into a website can cause a great deal of unnecessary anxiety.
Email one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your property's ideal price.
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