Can I depend on a computer to calculate the value of my real estate in Devereux Station?
Zillow is a billion-dollar website that provides automated estimates that claim to calculate the sales value of each home in the United States. Zillow tries to achieve this this feat by using a complicated program that crossreferences factors which alter 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Devereux Station 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some real estate shoppers. Property owners and home purchasers should understand that there is not a single neighborhood in Devereux Station where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much reliance into a website can cause a lot of irration.
Contact one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique variables which make up your real estate's sales value.
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