Zillow is a billion-dollar website that "gives" automated estimates that purport to figure the sales value of every residence in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that crossreferences 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many complaints by upset homeowners and skeptical real estate purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Rugby Road claim 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 sales 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 people. Home sellers and property shoppers should know that there is not a single neighborhood in Rugby Road where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any website with a grain of salt. Putting too much trust into a computer logarithm can cause a great deal of irration.

Talk to Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a computer won't set the value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will account for the complicated variables which make up your home's market value.