Can I trust some Internet company to appraise the value of my property in Pw County Center Landbay?
Zillow is a popular website that provides automated estimates which claim to calculate the ideal price of every home in the United States. Zillow tries to accomplish this feat by using a complicated program which compares factors which alter property 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by angry homeowners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Pw County Center Landbay 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 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 people. Home sellers and property buyers should know that there is not a single community in Pw County Center Landbay where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any website at arm’s length. Putting too much stock into a computer can cause a great deal of disappointment.
Call Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your home's sales value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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