Can I depend on some Internet company to appraise the market value of my property in Bryce Resort?
Zillow is a popular website that "gives" computerized estimates which claim to figure the market value of each and every property in the United States. Zillow tries to accomplish this feat by using a fancy program that compares factors which affect real estate 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Bryce Resort report 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 unlikley 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 property purchasers should know that there is not a single neighborhood in Bryce Resort 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 stock into a website can cause a lot of confusion.
Contact us today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your home's value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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