Can I rely on some Internet company to calculate the sales price of my real estate in Alden_glen?
Zillow is a billion-dollar Internet marketer that provides computerized estimates which claim to calculate the ideal price of each residence in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm which crossreferences factors which impact real estate 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Alden_glen claim 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 value. If the margin of error is an unlikley 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. Property owners and real estate purchasers should know that there is not a single community in Alden_glen where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much stock into a website can cause a lot of confusion.
Get in touch with one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will account for the many variables which make up your real estate's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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