Can I trust Zillow to figure out the market value of my home in Oakton Knoll Estates?
Zillow is a popular Internet marketer that provides computerized estimates that purport to calculate the market value of each and every home in the United States. Zillow tries to accomplish this feat by using a sophisticated logarithm that compares factors which alter home values, but here's a 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry property owners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Oakton Knoll Estates report 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 ideal price. 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 real estate shoppers. Home sellers and home shoppers should know that there is not a single neighborhood in Oakton Knoll Estates 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 logarithm can cause a lot of irration.
Reach out to one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate agent will account for the complicated variables which make up your real estate's ideal price.
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7 Reasons Why Zillow Estimates Are Inaccurate
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