Can I trust some Internet company to figure out the market value of my real estate in Henson_park?
Zillow is a popular website that "gives" "z-estimates" which purport to figure the market value of each and every home in the United States. Zillow tries to reach this goal this feat by using a fancy program which crossreferences factors which affect home values, but here's a story I have heard from home 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 countless testimonials by angry homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Henson_park 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 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 buyers and sellers. Home sellers and property shoppers should know that there is not a single community in Henson_park where either a mortgage lender 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 stock into a computer can cause a lot of unnecessary anxiety.
Get in touch with one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many variables which make up your home's sales value.
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