Zillow is a popular website that "gives" computerized estimates that claim to calculate the value of each property in the United States. Zillow tries to reach this goal this feat by using a complicated program which compares factors which impact home values, but here's a 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by angry homeowners and leery real estate buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mosaic_at_merrifield claim 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 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 property buyers should know that there is not a single community in Mosaic_at_merrifield where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take estimates from any website with a grain of salt. Putting too much stock into a computer logarithm can cause a great deal of disappointment.

Reach out to one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the market value. Rather, your friendly neighborhood Nesbitt Realty expert will take into account the complicated variables which make up your property's sales value.