Zillow is a popular website that provides "z-estimates" which purport to calculate the ideal price of each and every home in the United States. Zillow tries to accomplish this task by using a fancy algorithm that compares factors which alter 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by angry property owners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in The Sanctuary report that Zillow's valuations 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 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 (for now) remains popular with some people. Property owners and property buyers should know that there is not a single neighborhood in The Sanctuary where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website at arm’s length. Putting too much stock into a computer logarithm can cause a great deal of unnecessary anxiety.

Call one of our agents today for a free comparative market analysis of your property's market value. We promise that a website won't set the market value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the unique variables which make up your real estate's market value.