Can I depend on a computer to appraise the value of my real estate in Fairfax Landing?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates which purport to figure the market value of each and every home in the United States. Zillow tries to achieve this this feat by using a fancy logarithm which compares factors which alter 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairfax Landing claim that Zillow's valuations 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 still remains popular with some real estate shoppers. Home sellers and property buyers should understand that there is not a single community in Fairfax Landing where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much stock into a computer can cause a great deal of unnecessary anxiety.
Contact Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will account for the many variables which make up your real estate's value.
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