Zillow is a popular website that provides computerized estimates that purport to figure the value of each and every residence in the United States. Zillow tries to achieve this this task by using a complicated program that crossreferences factors which impact 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 research 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 leery property buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Features report that Zillow's estimates have a margin of error of approximately 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 market 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 buyers and sellers. Property owners and home shoppers should understand that there is not a single community in Features where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our expert advice is to take "valuations" from any computer at arm’s length. Putting too much stock into a computer can cause a lot of unnecessary anxiety.

Phone one of our agents today for a free comparative market analysis of your property's worth. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty Realtor will measure the many variables which make up your home's market value.