Can I rely on Zillow to figure out the market value of my real estate in Palisades?
Zillow is a billion-dollar website that provides computerized estimates that claim to figure the sales value of every home in the United States. Zillow tries to achieve this this task by using a complicated program which crossreferences factors which impact 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 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 leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Palisades 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 value. If the margin of error is an astounding 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 property shoppers should understand that there is not a single neighborhood in Palisades where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much stock into a website can cause a great deal of irration.
Contact 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 sales value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your property's sales value.
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