Can I depend on a computer to calculate the sales price of my home in Lyonhurst?
Zillow is a popular website that provides "z-estimates" that claim to figure the value of each property in the United States. Zillow tries to reach this goal this feat by using a complicated program which crossreferences factors which affect home 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lyonhurst report that Zillow's estimates 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 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. Property owners and property purchasers should know that there is not a single community in Lyonhurst where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer can cause a lot of disappointment.
Connect with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your home's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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