Can I rely on Zillow to calculate the value of my property in Parks_at_piedmont_south?
Zillow is a billion-dollar Internet marketer that "gives" computerized estimates that claim to figure the market value of each home in the United States. Zillow tries to reach this goal this task by using a complicated logarithm that compares factors which affect real estate values, but here's a typical story I have heard from home 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 find many posts by upset property owners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Parks_at_piedmont_south claim 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 impressive 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some buyers and sellers. Home sellers and real estate buyers should understand that there is not a single community in Parks_at_piedmont_south where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of disappointment.
Talk to Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will take into account the complicated variables which make up your real estate's ideal price.
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