Zillow is a billion-dollar website that "gives" computerized estimates which claim to calculate the sales value of each residence in the United States. Zillow tries to reach this goal this feat by using a fancy algorithm that crossreferences factors which impact real estate values, but here's a 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by angry property owners and leery real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Rolfe_street_station claim that Zillow's valuations 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 market value. 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 real estate shoppers. Home sellers and home shoppers should understand that there is not a single community in Rolfe_street_station where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much trust into a computer logarithm can cause a lot of irration.

Reach out 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 market value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will take into account the unique variables which make up your home's sales value.