Can I depend on a computer to figure out the value of my home in Features?
Zillow is a popular Internet marketer that provides "z-estimates" that purport to calculate the ideal price of each and every home in the United States. Zillow tries to accomplish this feat by using a sophisticated algorithm that crossreferences factors which impact home values, but here's a typical 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by upset homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Features 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 real estate shoppers. Property owners and real estate shoppers should understand that there is not a single community in Features where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much trust into a website can cause a lot of irration.
Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the unique variables which make up your home's ideal price.
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