Can I rely on Zillow to figure out the value of my property in Memorial Park?
Zillow is a popular Internet marketer that "gives" "z-estimates" that purport to calculate the market value of each home in the United States. Zillow tries to reach this goal this task by using a fancy logarithm which crossreferences factors which impact real estate values, but here's a 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by angry property owners and leery real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Memorial Park claim 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 value. 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 real estate shoppers. Property owners and home buyers should know that there is not a single neighborhood in Memorial Park where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much reliance into a website can cause a lot of unnecessary anxiety.
Phone us today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will account for the complicated variables which make up your real estate's sales value.
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