Can I trust Zillow to calculate the value of my property in Atrium Condo?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which purport to figure the sales value of every property in the United States. Zillow tries to achieve this this task by using a complicated algorithm which 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 posts by angry property owners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Atrium Condo say 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 ideal price. If the margin of error is an unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Property owners and home purchasers should know that there is not a single community in Atrium Condo where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of unnecessary anxiety.
Phone us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your home's sales value.
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