Zillow is a billion-dollar website that provides "z-estimates" which claim to figure the value of each and every residence in the United States. Zillow tries to reach this goal this task by using a sophisticated logarithm which compares factors which affect home 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by upset property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Virginia Hills report that Zillow's valuations 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 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 still remains popular with some real estate shoppers. Real estate sellers and property buyers should know that there is not a single community in Virginia Hills where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much stock into a computer can cause a lot of unnecessary anxiety.

Phone us today for a free comparative market analysis of your property's worth. We promise that a computer won't set the sales value. Instead, your friendly neighborhood Nesbitt Realty real estate pro will measure the many variables which make up your home's ideal price.