Zillow is a popular Internet marketer that "gives" automated estimates that claim to figure the sales value of each property in the United States. Zillow tries to accomplish this feat by using a fancy algorithm that crossreferences factors which affect property values, but here's a typical 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 discover countless complaints by upset homeowners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Hampton Chase report that Zillow's valuations 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 market 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 (for now) remains popular with some real estate shoppers. Property owners and home buyers should know that there is not a single neighborhood in Hampton Chase where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site with a grain of salt. Putting too much trust into a website can cause a great deal of unnecessary anxiety.

Talk to us today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty expert will measure the unique variables which make up your real estate's value.