Can I trust a computer to figure out the value of my property in Woodbine_estates?
Zillow is a popular Internet marketer that provides computerized estimates that claim to figure the market value of every residence in the United States. Zillow tries to accomplish this feat by using a fancy logarithm that compares factors which impact property 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry property owners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Woodbine_estates say 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 market 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 (for now) remains popular with some real estate shoppers. Real estate sellers and home purchasers should understand that there is not a single community in Woodbine_estates where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer at arm’s length. Putting too much reliance into a computer can cause a great deal of disappointment.
Contact one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the complicated variables which make up your property's market value.
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