Can I trust Zillow to calculate the sales price of my property in Stoneridge?
Zillow is a billion-dollar Internet marketer that "gives" automated estimates that claim to calculate the market value of every residence in the United States. Zillow tries to accomplish this task by using a complicated logarithm that compares factors which alter home values, but here's a 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 posts by angry homeowners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Stoneridge 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 ideal price. 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 buyers and sellers. Home sellers and real estate buyers should know that there is not a single neighborhood in Stoneridge where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of unnecessary anxiety.
Contact one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the unique variables which make up your home's sales value.
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