Can I trust Zillow to appraise the value of my property in Lake_anne_of_reston?
Zillow is a popular website that provides automated estimates which purport to calculate the market value of every property in the United States. Zillow tries to accomplish this task by using a fancy algorithm that crossreferences factors which impact property 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by upset homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lake_anne_of_reston say that Zillow's valuations 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 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 real estate shoppers. Real estate sellers and property buyers should know that there is not a single neighborhood in Lake_anne_of_reston where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much trust into a website can cause a great deal 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 website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate pro will account for the unique variables which make up your real estate's ideal price.
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