Zillow is a popular Internet marketer that provides automated estimates that purport to figure the market value of each and every property in the United States. Zillow tries to accomplish this task by using a sophisticated algorithm that crossreferences factors which alter property 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 search the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless posts by upset homeowners and skeptical property purchasers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Features claim that Zillow's estimates 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. Property owners and home purchasers should understand that there is not a single community in Features 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 with a grain of salt. Putting too much stock into a website can cause a great deal of unnecessary anxiety.

Talk to Nesbitt Realty today for a free comparative market analysis of your property's value. We promise that a website won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate agent will take into account the unique variables which make up your home's ideal price.