Zillow is a popular website that provides computerized estimates that purport to figure the ideal price of every property in the United States. Zillow tries to achieve this this feat by using a complicated logarithm that compares factors which impact property values, but here's a typical 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by angry homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Evans 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 market value. If the margin of error is an improbable 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. Property owners and real estate purchasers should understand that there is not a single community in Evans where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer can cause a great deal of confusion.

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