Can I rely on some Internet company to calculate the market value of my home in Merrifield At Dunn Loring Station?
Zillow is a popular Internet marketer that "gives" automated estimates which claim to calculate the sales value of each and every property in the United States. Zillow tries to accomplish this task by using a fancy program which crossreferences factors which impact 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Merrifield At Dunn Loring Station claim that Zillow's valuations have a margin of error of about 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 improbable 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. Real estate sellers and home shoppers should know that there is not a single community in Merrifield At Dunn Loring Station where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much trust into a website can cause a great deal of disappointment.
Connect with 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. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the unique variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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