Can I rely on a computer to appraise the market value of my home in Clifton Trails?
Zillow is a billion-dollar website that "gives" "z-estimates" which claim to figure the ideal price of each residence in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm that compares factors which alter real estate 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by upset property owners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Clifton Trails claim that Zillow's valuations 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 sales 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 buyers and sellers. Property owners and home purchasers should understand that there is not a single community in Clifton Trails where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much stock into a website can cause a great deal of disappointment.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your home's ideal price.
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