Zillow is a billion-dollar website that provides automated estimates which claim to figure the sales value of each and every residence in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm which crossreferences factors which impact real estate 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 find many testimonials by angry homeowners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Buckingham_commons_village report that Zillow's estimates 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 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 still remains popular with some real estate shoppers. Home sellers and property purchasers should understand that there is not a single neighborhood in Buckingham_commons_village where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of disappointment.

Talk to Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will measure the many variables which make up your property's sales value.