Can I rely on some Internet company to appraise the sales price of my real estate in Estates At Wyndham Hills?
Zillow is a billion-dollar Internet marketer that provides computerized estimates that claim to calculate the ideal price of each home in the United States. Zillow tries to achieve this this task by using a fancy logarithm that crossreferences factors which impact property 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Estates At Wyndham Hills report that Zillow's valuations 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 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 buyers and sellers. Home sellers and property purchasers should understand that there is not a single community in Estates At Wyndham Hills where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much stock into a website can cause a lot of disappointment.
Connect with us 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 pro will account for the complicated variables which make up your real estate's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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