Zillow is a billion-dollar website that "gives" computerized estimates which purport to calculate the sales value of each property in the United States. Zillow tries to accomplish this feat by using a fancy program which compares factors which impact real estate 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by angry homeowners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Newport Cluster report that Zillow's estimates have a margin of error of around 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 unlikley 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 property shoppers should know that there is not a single community in Newport Cluster where either a mortgage lender or tax collector uses Internet 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 great deal of unnecessary anxiety.

Phone us today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the complicated variables which make up your home's value.