Zillow is a popular website that provides automated estimates that purport to calculate the market value of each property in the United States. Zillow tries to achieve this this task by using a sophisticated algorithm that crossreferences factors which impact real estate 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 Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many complaints by upset homeowners and leery home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Knolls At Middle Run say 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 sales 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 (for now) remains popular with some real estate shoppers. Home sellers and real estate purchasers should know that there is not a single community in Knolls At Middle Run where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any online site at arm’s length. Putting too much stock into a computer logarithm can cause a great deal of confusion.

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