Zillow is a billion-dollar Internet marketer that provides automated estimates which claim to figure the value of each home in the United States. Zillow tries to accomplish this feat by using a fancy logarithm that crossreferences factors which impact home values, but here's a typical story I have heard from home 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 complaints by angry property owners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in 1600 Prince Street 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 sales 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 (for now) remains popular with some buyers and sellers. Property owners and property purchasers should understand that there is not a single community in 1600 Prince Street where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much reliance into a computer can cause a great deal of irration.

Call Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's sales value.