Can I rely on Zillow to calculate the market value of my home in Weems Square?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates which purport to calculate the ideal price of each property in the United States. Zillow tries to reach this goal this feat by using a sophisticated program which compares 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by upset homeowners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Weems Square say 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 ideal price. If the margin of error is an impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Real estate sellers and home buyers should understand that there is not a single neighborhood in Weems Square where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer with a grain of salt. Putting too much trust into a website can cause a great deal of disappointment.
Connect with Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your real estate's market value.
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