Can I depend on a computer to figure out the market value of my property in Fairfax?
Zillow is a popular website that provides automated estimates which purport to calculate the value of each and every home in the United States. Zillow tries to achieve this this feat by using a sophisticated program that crossreferences factors which impact real estate values, but here's a typical story I have heard from real estate 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 discover many complaints by angry homeowners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairfax 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 improbable 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. Home sellers and real estate shoppers should know that there is not a single community in Fairfax where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much trust into a computer logarithm can cause a lot of disappointment.
Reach out to 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 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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7 Reasons Why Zillow Estimates Are Inaccurate
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