Can I depend on a computer to appraise the market value of my real estate in Harry Hoskins?
Zillow is a popular website that provides "z-estimates" that claim to calculate the ideal price of each home in the United States. Zillow tries to accomplish this task by using a fancy algorithm that crossreferences factors which alter real estate values, but here's a typical story I have heard from home sellers in Northern Virginia:
![Zillow Is Zillow accurate?](https://nesbittrealty.com/wp-content/uploads/2012/11/zillow.gif)
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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by upset property owners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Harry Hoskins 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 astounding 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 home purchasers should know that there is not a single community in Harry Hoskins where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer with a grain of salt. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.
Get in touch with us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your property's market value.
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