Can I depend on some Internet company to figure out the market value of my home in Shenandoah County?
Zillow is a popular Internet marketer that "gives" "z-estimates" which purport to calculate the value of every residence in the United States. Zillow tries to accomplish this task by using a fancy logarithm which compares factors which affect real estate 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry homeowners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Shenandoah County 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 sales 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 buyers and sellers. Property owners and property purchasers should understand that there is not a single community in Shenandoah County where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a computer can cause a great deal of confusion.
Reach out to us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your property's market value.
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