Zillow is a billion-dollar website that "gives" "z-estimates" which purport to figure the ideal price of each residence in the United States. Zillow tries to reach this goal this feat by using a fancy logarithm that crossreferences factors which affect real estate values, but here's a typical 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 find many complaints by angry property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Wellington Woods report that Zillow's valuations 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 market value. 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 (for now) remains popular with some real estate shoppers. Property owners and property buyers should know that there is not a single neighborhood in Wellington Woods where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer with a grain of salt. Putting too much reliance into a computer logarithm can cause a great deal of disappointment.

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 market value. Rather, your friendly neighborhood Nesbitt Realty real estate agent will measure the complicated variables which make up your property's ideal price.