Can I depend on some Internet company to figure out the sales price of my home in Mason Park?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates which claim to calculate the market value of each property in the United States. Zillow tries to achieve this this feat by using a fancy algorithm that compares factors which affect property 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by angry homeowners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mason Park say that Zillow's valuations have a margin of error of approximately 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 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 buyers and sellers. Property owners and real estate buyers should know that there is not a single community in Mason Park where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer can cause a lot of unnecessary anxiety.
Get in touch with one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the complicated variables which make up your real estate's market value.
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