Zillow is a popular website that provides automated estimates which purport to figure the ideal price of every residence in the United States. Zillow tries to accomplish this task by using a sophisticated algorithm that crossreferences factors which affect real estate values, but here's a 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many posts by angry homeowners and skeptical home purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Fairfax_heritage report that Zillow's estimates 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 sales value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow (for now) remains popular with some people. Property owners and property purchasers should know that there is not a single community in Fairfax_heritage where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any website at arm’s length. Putting too much stock into a computer logarithm can cause a great deal of unnecessary anxiety.

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