Can I trust some Internet company to calculate the sales price of my real estate in Rolling Fields?
Zillow is a popular website that "gives" "z-estimates" which purport to figure the market value of each and every property in the United States. Zillow tries to reach this goal this feat by using a complicated program which crossreferences factors which alter property 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 find countless posts by angry property owners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Rolling Fields report that Zillow's estimates have a margin of error of around 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 ideal price. 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 buyers and sellers. Property owners and real estate purchasers should know that there is not a single community in Rolling Fields where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a computer can cause a great deal of irration.
Email Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a website won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will account for the complicated variables which make up your property's market value.
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