Can I trust some Internet company to appraise the market value of my home in Braemar Tartan Village?
Zillow is a billion-dollar website that provides computerized estimates which claim to figure the sales value of every residence in the United States. Zillow tries to achieve this 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by angry property owners and leery home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Braemar Tartan Village 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 market value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some people. Home sellers and real estate buyers should understand that there is not a single community in Braemar Tartan Village 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 at arm’s length. Putting too much trust into a computer can cause a great deal of unnecessary anxiety.
Phone 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 real estate agent will take into account the complicated variables which make up your home's ideal price.
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