Zillow is a billion-dollar Internet marketer that provides "z-estimates" which purport to calculate the sales value of every residence in the United States. Zillow tries to reach this goal this task by using a sophisticated algorithm that compares factors which affect 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 Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by angry property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Sunset Village 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 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 buyers and sellers. Real estate sellers and property purchasers should know that there is not a single community in Sunset Village where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much stock into a computer can cause a lot of confusion.

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