Can I depend on some Internet company to calculate the market value of my home in Southgate Condo?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates which purport to calculate the value of each property in the United States. Zillow tries to accomplish this feat by using a fancy algorithm that crossreferences 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Southgate Condo report 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 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 still remains popular with some buyers and sellers. Property owners and home purchasers should know that there is not a single neighborhood in Southgate Condo where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much stock into a computer can cause a great deal of disappointment.
Contact 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 market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the many variables which make up your real estate's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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