Can I rely on a computer to figure out the sales price of my home in Devereux Station?
Zillow is a popular website that provides "z-estimates" that claim to figure the value of each home in the United States. Zillow tries to reach this goal this task by using a sophisticated program that compares factors which affect real estate values, but here's a typical story I have heard from property 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 discover countless posts by angry homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Devereux Station 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 real estate shoppers. Home sellers and home buyers should know that there is not a single neighborhood in Devereux Station where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a website can cause a great deal of irration.
Talk to Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the unique variables which make up your real estate's ideal price.
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