Zillow Zestimate

Asked by BirminghamAlabama, Birmingham, AL Wed Jun 10, 2009

How reliable is the Zillow Zestimate in the Birmingham area? I'm trying to figure out if I should use it in determining a list price on my Riverchase home.

Thank you.

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9
Vickey Wacht…, Agent, Katy, TX
Mon Sep 14, 2009
I don't know about your area but for mine is far from what is really going on. If you want to know what the market is ask a Realtor, most will give you that information if you ask.
1 vote
Shelly Terry, Agent, Vestavia Hills, AL
Thu Jun 11, 2009
I generally agree with both of the answers you've already received. The best resource for determing a list price for your home is reliable information on the homes most like yours and within your subdivision that have sold in the past three months. If you are working with a licensed real estate professional s/he can provide you with this information. Otherwise, yes, having an appraisal done would give you the help you're seeking to determine a list price. Also, important to consider is how quickly you want to sell.
1 vote
Bill Eckler, Agent, Venice, FL
Thu Jun 11, 2009
If you know the community and can weed through the Zillow comps, using only those that actually compare favorable to your home, you may be able to arrive at your own estimated value. Be sure to use similar square footage, number of bedrooms, similar year built, etc.

Our recommendation is to be cautious when using the "Z" number because they may not have enough information about the area to do, what you will be doing to arrive at an accurate number. Use their information BUT "fine tune it."

Good luck
1 vote
Katherine Ma…, , Birmingham, AL
Wed Jun 10, 2009
It's not very accurate. It's most accurate in subdivisions that have the same houses built over and over and over. A subdivision like Riverchase has too many variables for Zillow Zestimates to consider. You would get a better estimate by asking two or three agents to do a comparative market analysis or having an actual appraisal done.
1 vote
Nunzio Zappo…, Agent, Easthampton, MA
Wed Jun 10, 2009
Zillow is not accurate as an estimating tool the information provided does not account for many variables most important Time. You would be better off using a professional local realtor who would be more than happy to assist you with a CMA. Or better you could hire a appraiser which should give you a very close to current market value as seen by the banks. This could be used by your buyer to help in getting a mortgage since the appraiser would have been doing it for the bank at that time anyway.
1 vote
Shelly Terry, Agent, Vestavia Hills, AL
Tue May 24, 2011
If you want to get a reliable price range for listing and selling your home in Riverchase your best resource is a local Realtor with experience in listing and selling homes in Riverchase, Hoover, and that general area. An experienced Realtor can produce a comprehensive comparable market analysis for you once you have provided some basic information about the home you would like to sell. I could do that for you if you would like....no obligation.
Web Reference:  http://shellyterry.com
0 votes
Kolsky Realty, Agent, Long Beach, CA
Tue May 24, 2011
I just had a house appraise for A little over $ 5,000,000. the zestimate showed the house being worth $ 1,200,000.

Do the math you will have your answer of zestimates and accuracy.
0 votes
Robert Kenmo…, , Birmingham, AL
Thu Apr 7, 2011
It truly depends on the area and the accuracy of the information Zillow is obtaining. I have found some "Zestimates" to be within a few hundred dollars of appraisal amounts and some are thousands off.

As Zillow grows and becomes a more robust real estate website with more and more sales data, I believe the Zestimate value will slowly come in line more and more with actual values.

I can give a true for instance... We have a client who just did a refi on their property and the Zestimate for their house was within $5000 of the appraised value. So not too bad.

As with other answers, if you want a true value of your home in the current market, contact a REALTOR. A licensed agent has access to the most recent and up-to-date data and give you a snapshot of the market at any given time. With that said, you're home is only worth what a buyer is willing to pay. That, unfortunately, is just the way real estate goes.
0 votes
Kolsky Realty, Agent, Long Beach, CA
Sat Apr 2, 2011
Zillow is just a entertainment web site that fools the public in many ways, lots of old and bad information.
0 votes
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