Can I trust a computer to calculate the value of my home in Toms Brook?
Zillow is a popular website that "gives" automated estimates which claim to calculate the market value of every property in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm which crossreferences factors which affect home 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by angry homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Toms Brook 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 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 (for now) remains popular with some people. Home sellers and property buyers should understand that there is not a single neighborhood in Toms Brook where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of disappointment.
Call one of our agents today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro 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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