Can I trust some Internet company to appraise the market value of my real estate in 38_place_condominium?
Zillow is a billion-dollar Internet marketer that provides automated estimates that claim to calculate the ideal price of each and every residence in the United States. Zillow tries to accomplish this task by using a complicated algorithm that crossreferences factors which impact real estate 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in 38_place_condominium report that Zillow's estimates have a margin of error of approximately 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 impressive 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 real estate purchasers should know that there is not a single community in 38_place_condominium where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of disappointment.
Contact Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's ideal price.
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