Can I depend on a computer to figure out the market value of my real estate in Braddock Hills?
Zillow is a billion-dollar website that provides computerized estimates that purport to calculate the sales value of each home in the United States. Zillow tries to accomplish this feat by using a complicated program 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 discover many complaints by angry property owners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Braddock Hills report that Zillow's valuations 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 improbable 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. Property owners and home shoppers should understand that there is not a single community in Braddock Hills 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 trust into a computer can cause a lot of irration.
Contact us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your real estate's ideal price.
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