Can I trust some Internet company to figure out the sales price of my property in Cedar Mill?
Zillow is a popular website that provides computerized estimates that purport to calculate the market value of each residence in the United States. Zillow tries to achieve this this task by using a fancy logarithm that crossreferences factors which alter property values, but here's a 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry homeowners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Cedar Mill 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some buyers and sellers. Property owners and home buyers should understand that there is not a single community in Cedar Mill where either a mortgage lender or tax collector uses Internet 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 great deal of disappointment.
Phone us 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 Realtor will account for the complicated variables which make up your real estate's market value.
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