Zillow is a popular Internet marketer that provides computerized estimates that purport to figure the value of every residence in the United States. Zillow tries to reach this goal 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset property owners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lincolnia claim 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 unlikley 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. Real estate sellers and real estate shoppers should understand that there is not a single community in Lincolnia where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much reliance into a website can cause a lot of disappointment.

Email one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the complicated variables which make up your property's sales value.