Can I trust a computer to calculate the sales price of my home in Chestnut Hill?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates that purport to calculate the ideal price of each and every residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated algorithm that crossreferences factors which affect real estate 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset property owners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Chestnut Hill claim that Zillow's estimates 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 impressive 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 real estate shoppers should know that there is not a single neighborhood in Chestnut Hill where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much trust into a website can cause a great deal of disappointment.
Reach out to Nesbitt Realty 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 expert will measure the complicated variables which make up your home's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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