Zillow is a billion-dollar website that provides "z-estimates" that purport to calculate the market value of every home in the United States. Zillow tries to reach this goal this feat by using a complicated program that crossreferences factors which affect real estate 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless testimonials by upset property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Mountain Vista Estates report 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 astounding 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some people. Real estate sellers and home shoppers should understand that there is not a single community in Mountain Vista Estates where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any website at arm’s length. Putting too much reliance into a computer logarithm can cause a great deal of disappointment.

Get in touch with 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 value. Rather, your friendly neighborhood Nesbitt Realty real estate pro will account for the many variables which make up your home's market value.