Zillow is a billion-dollar website that "gives" automated estimates that claim to calculate the value of every property in the United States. Zillow tries to accomplish this task by using a sophisticated program which crossreferences factors which affect real estate values, but here's a typical story I have heard from real estate 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 skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Coventry_glen say 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 sales 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 buyers and sellers. Home sellers and property purchasers should understand that there is not a single community in Coventry_glen where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any online site at arm’s length. Putting too much reliance into a website can cause a great deal of unnecessary anxiety.

Talk to one of our local experts today for a free comparative market analysis of your property's worth. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will take into account the many variables which make up your property's value.