Zillow is a popular website that provides computerized estimates that purport to calculate the sales value of each residence in the United States. Zillow tries to achieve this this feat by using a sophisticated program which crossreferences factors which alter property values, but here's a 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry property owners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Sulgrave Manor say that Zillow's valuations have a margin of error of about 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 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 buyers and sellers. Property owners and home shoppers should understand that there is not a single neighborhood in Sulgrave Manor 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 logarithm can cause a lot of disappointment.

Reach out to one of our agents today for a free comparative market analysis of your property's market value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your real estate's market value.