Zillow is a popular website that provides "z-estimates" which purport to calculate the ideal price of each property in the United States. Zillow tries to accomplish this task by using a fancy algorithm which compares factors which impact 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Patrick_henry report that Zillow's estimates have a margin of error of approximately 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 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 people. Real estate sellers and home purchasers should understand that there is not a single community in Patrick_henry where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much reliance into a computer can cause a great deal of unnecessary anxiety.

Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the market value. Instead, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your real estate's value.