Zillow is a popular website that "gives" computerized estimates that purport to calculate the market value of each and every home in the United States. Zillow tries to accomplish this feat by using a sophisticated program that compares factors which alter home 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 research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover many testimonials by upset homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Hahn Property report that Zillow's valuations 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 improbable 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some people. Property owners and real estate purchasers should understand that there is not a single neighborhood in Hahn Property 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 lot of disappointment.

Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a computer won't set the sales value. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the many variables which make up your home's sales value.