Zillow is a popular website that "gives" computerized estimates which claim to figure the ideal price of each and every property in the United States. Zillow tries to accomplish this feat by using a fancy algorithm which compares factors which alter 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 find countless posts by upset property owners and leery property purchasers 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 real estate shoppers. Property owners and home purchasers should know that there is not a single neighborhood in Mountain Vista Estates where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much trust into a website can cause a lot of disappointment.

Contact 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. Instead, your friendly neighborhood Nesbitt Realty Realtor will take into account the unique variables which make up your property's sales value.