Can I rely on a computer to figure out the market value of my home in Ridgefield Village?
Zillow is a popular website that "gives" computerized estimates which purport to figure the ideal price of each and every home in the United States. Zillow tries to achieve this this feat by using a sophisticated logarithm which crossreferences factors which affect property values, but here's a story I have heard from property 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 upset homeowners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Ridgefield Village 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 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. Property owners and property purchasers should know that there is not a single neighborhood in Ridgefield Village where either a bank or tax collector uses Internet 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 website can cause a great deal of confusion.
Contact one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your property's sales value.
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