Zillow is a billion-dollar website that "gives" automated estimates which purport to figure the market value of every residence in the United States. Zillow tries to reach this goal this feat by using a complicated algorithm 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 complaints by angry homeowners and leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Devonshire claim 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 ideal price. 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 buyers and sellers. Property owners and property buyers should understand that there is not a single community in Devonshire where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a website can cause a great deal of confusion.

Get in touch with one of our agents today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty real estate agent will take into account the many variables which make up your property's ideal price.