Zillow is a billion-dollar Internet marketer that provides "z-estimates" that claim to figure the market value of each home in the United States. Zillow tries to reach this goal this task by using a sophisticated program that compares factors which affect real estate values, but here's a story I have heard from property 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 discover many posts by upset homeowners and skeptical real estate shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Village At Gum Springs claim that Zillow's estimates 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 improbable 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 property buyers should know that there is not a single neighborhood in Village At Gum Springs where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of confusion.

Talk to one of our local experts today for a free comparative market analysis of your property's value. We promise that a computer won't set the value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the unique variables which make up your home's value.