Can I rely on a computer to appraise the market value of my property in Mason Neck?
Zillow is a popular Internet marketer that provides computerized estimates that claim to figure the ideal price of each and every home in the United States. Zillow tries to achieve this this task by using a complicated program that compares factors which alter 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by angry property owners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mason Neck 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 sales 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 still remains popular with some people. Real estate sellers and home shoppers should understand that there is not a single neighborhood in Mason Neck where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer logarithm can cause a great deal of unnecessary anxiety.
Email one of our local experts today for a free comparative market analysis of your property's market value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the complicated variables which make up your property's ideal price.
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