Zillow is a popular website that "gives" automated estimates which claim to figure the value of each home in the United States. Zillow tries to achieve this this feat by using a sophisticated algorithm that crossreferences 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Walden_at_burke_centre say 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 real estate shoppers. Real estate sellers and home purchasers should understand that there is not a single community in Walden_at_burke_centre where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much trust into a website can cause a lot of disappointment.

Connect with Nesbitt Realty 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 pro will take into account the complicated variables which make up your property's sales value.