Zillow is a billion-dollar Internet marketer that "gives" computerized estimates that purport to calculate the market value of each residence in the United States. Zillow tries to achieve this this task by using a fancy algorithm that compares factors which impact 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 find countless testimonials by angry property owners and skeptical home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Craig Addition 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 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 (for now) remains popular with some people. Property owners and home shoppers should know that there is not a single community in Craig Addition where either a bank or tax collector uses Internet for tax assessment or appraisals. Our expert advice is to take estimates from any computer at arm’s length. Putting too much stock into a website can cause a great deal of unnecessary anxiety.

Phone Nesbitt Realty today for a free comparative market analysis of your property's worth. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty Realtor will account for the unique variables which make up your home's sales value.