Zillow is a billion-dollar website that provides "z-estimates" which purport to calculate the sales value of each residence in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm that compares factors which affect property 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 web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials 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 Pine_ridge claim 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 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 still remains popular with some buyers and sellers. Property owners and real estate buyers should understand that there is not a single community in Pine_ridge where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much reliance into a computer can cause a lot of irration.

Email Nesbitt Realty today for a free comparative market analysis of your property's worth. 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 real estate's market value.