Zillow is a billion-dollar website that "gives" computerized estimates which purport to figure the value of each and every residence in the United States. Zillow tries to achieve this this task by using a fancy algorithm which crossreferences factors which alter home values, but here's a 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find many testimonials 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 Spring Lake Estates 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 sales value. If the margin of error is an unlikley 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow still remains popular with some buyers and sellers. Home sellers and home shoppers should know that there is not a single neighborhood in Spring Lake Estates where either a mortgage lender or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take estimates from any website with a grain of salt. Putting too much stock into a computer logarithm can cause a lot of confusion.

Get in touch with Nesbitt Realty today for a free comparative market analysis of your property's market value. We promise that a website won't set the value. Rather, your friendly neighborhood Nesbitt Realty expert will account for the many variables which make up your home's sales value.