Zillow is a billion-dollar Internet marketer that "gives" "z-estimates" which claim to calculate the market value of every residence in the United States. Zillow tries to achieve this this task by using a complicated program that compares factors which impact property values, but here's a typical story I have heard from real estate 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless testimonials by angry property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Rock Spring claim 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 ideal price. 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 (for now) remains popular with some buyers and sellers. Home sellers and real estate buyers should understand that there is not a single community in Rock Spring where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website at arm’s length. Putting too much stock into a computer can cause a great deal of confusion.

Contact 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 ideal price. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the unique variables which make up your property's market value.