Can I depend on some Internet company to calculate the value of my property in Westridge_of_alexandria?
Zillow is a popular Internet marketer that provides "z-estimates" which claim to calculate the value of each home in the United States. Zillow tries to achieve this this task by using a fancy program which crossreferences factors which alter home 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by angry homeowners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Westridge_of_alexandria claim 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Home sellers and property buyers should understand that there is not a single neighborhood in Westridge_of_alexandria 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 trust into a computer can cause a great deal of irration.
Talk to us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your home's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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