Can I depend on Zillow to appraise the value of my property in Rolling Forest?
Zillow is a popular website that provides computerized estimates that purport to calculate the market value of each home in the United States. Zillow tries to achieve this this task by using a complicated logarithm which crossreferences factors which alter home values, but here's a typical story I have heard from home 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset homeowners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Rolling Forest 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 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 still remains popular with some real estate shoppers. Home sellers and real estate shoppers should understand that there is not a single neighborhood in Rolling Forest where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a lot of unnecessary anxiety.
Email 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 pro will account for the many 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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