Zillow is a popular website that provides "z-estimates" which claim to figure the sales value of every property in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm which compares factors which impact real estate 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by upset homeowners and skeptical property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Lee Meadows say 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 sales 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 real estate shoppers. Home sellers and real estate buyers should know that there is not a single community in Lee Meadows where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a computer logarithm can cause a lot of unnecessary anxiety.

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 agent will take into account the unique variables which make up your home's value.