Zillow is a billion-dollar website that "gives" computerized estimates that purport to figure the ideal price of every residence in the United States. Zillow tries to reach this goal this task by using a fancy logarithm that compares factors which alter home 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Orchard_valley say 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 impressive 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. Home sellers and home purchasers should know that there is not a single community in Orchard_valley where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site with a grain of salt. Putting too much stock into a website can cause a great deal of disappointment.

Talk to one of our local experts today for a free comparative market analysis of your property's value. We promise that a website won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the complicated variables which make up your real estate's value.