Can I depend on a computer to figure out the value of my real estate in Chadwick Property?
Zillow is a popular Internet marketer that provides "z-estimates" that purport to calculate the market value of every residence in the United States. Zillow tries to reach this goal this feat by using a complicated logarithm that compares factors which affect 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by angry property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Chadwick Property say 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some people. Real estate sellers and real estate shoppers should know that there is not a single neighborhood in Chadwick Property 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 with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.
Get in touch with one of our local experts today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the many variables which make up your real estate's market value.
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