Zillow is a popular website that "gives" "z-estimates" which purport to calculate the ideal price of each property in the United States. Zillow tries to accomplish this feat by using a sophisticated program that compares factors which alter real estate 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by upset property owners and leery property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Stoneridge Knoll 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 market 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 people. Property owners and property shoppers should understand that there is not a single community in Stoneridge Knoll where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of disappointment.

Reach out to one of our agents today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will measure the complicated variables which make up your real estate's market value.