Zillow is a popular website that provides computerized estimates which claim to figure the market value of each property in the United States. Zillow tries to accomplish this task by using a sophisticated logarithm which compares factors which alter 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 Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless posts by upset property owners and skeptical property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Bryce Mountain 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 value. If the margin of error is an impressive 5% that means that a z-estimate is only within $25,000 of the asking price.

Yet Zillow (for now) remains popular with some real estate shoppers. Home sellers and home purchasers should understand that there is not a single neighborhood in Bryce Mountain where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any online site at arm’s length. Putting too much trust into a computer logarithm can cause a great deal of irration.

Connect with Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the many variables which make up your home's ideal price.