Zillow is a popular website that "gives" automated estimates that claim to calculate the sales value of every property in the United States. Zillow tries to reach this goal this feat by using a sophisticated program which compares factors which affect property 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials by upset property owners and skeptical real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mayfair_on_main claim that Zillow's valuations 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 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 still remains popular with some people. Property owners and home purchasers should know that there is not a single community in Mayfair_on_main where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take estimates from any computer with a grain of salt. Putting too much reliance into a website can cause a lot of unnecessary anxiety.

Call us today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the many variables which make up your real estate's value.