Zillow is a popular Internet marketer that provides computerized estimates which purport to figure the value of each property in the United States. Zillow tries to achieve this this task by using a sophisticated program that compares factors which impact property values, but here's a story I have heard from property 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 search the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many posts by upset property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Heritage Of Vienna 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 sales 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 still remains popular with some buyers and sellers. Real estate sellers and home shoppers should understand that there is not a single community in Heritage Of Vienna where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site with a grain of salt. Putting too much reliance into a computer can cause a great deal of unnecessary anxiety.

Connect with one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your home's market value.