Zillow is a billion-dollar website that provides computerized estimates that purport to figure the value of each and every residence in the United States. Zillow tries to reach this goal this feat by using a sophisticated program that compares factors which impact home 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 research the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by upset property owners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Balmoral_condominium 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 ideal price. 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 (for now) remains popular with some people. Property owners and real estate shoppers should know that there is not a single community in Balmoral_condominium where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much trust into a website can cause a great deal of confusion.

Get in touch with one of our agents 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 expert will measure the many variables which make up your home's ideal price.