Zillow Zestimates Huntsville Alabama

As Huntsville real estate agents, we disprove Zestimates on a daily basis with buyers and sellers.  Huntsville home buyers and sellers routinely quote Zestimates as a gauge of market value.  A Zestimate is just that…an estimate.  And rarely correct.  Rarely!

What IS a Zillow Zestimate?  According to their website, “The Zestimate® home valuation is an estimated market value, computed using a proprietary formula.” This information is based on public and user submitted data, both of which can vary greatly in accuracy. No algorithm can quantify the value of a home!

 

Incorrect Zestimate

Just how inaccurate is a Zillow Zestimate in Huntsville?  According to Zillow statistics, it’s alot.  The Madison County real estate zestimates have a median error rate of 9.2%.* That’s a HUGE difference.   Without actually walking through a property, and using local data to sift through sales information, there is no way to attain a decent level of accuracy.  School districts, condition of the home, location of the home inside the subdivision all matter when predicting a homes value.  Neighborhood activity matters. It just isn’t possible for any AVM to value of a home with accuracy sufficient to make a housing decision, whether buying a home in Huntsville or selling.  It is essential to have a comparative market analysis!

 

Zestimate-AtHomesBuyer

We aren’t “Zillow haters”. In fact, I believe they have created something pretty amazing. Love the clean look of their site.  Love their mobile app and love their commercials :) I have friends that work for Zillow.  Does this mean I love their Zestimates?  Uh…NO.  Zillow DOES excel in their data collection of past ownership of the home and what the owner paid.  I see that as a true value add to a buyer.  As real estate agents, we know that one of our most complicated and important tasks is pricing the home, whether we are supplying the data to a buyer or seller.  The Huntsville real estate market changes from week to week and is very neighborhood centric.  Huntsville real estate market conditions have a tremendous play in valuing a home.  We will keep you informed monthly on housing conditions in the Huntsville area.

Pricing a home properly is an art and science all rolled into one. It is not accomplished by trusting a computer generated value whether it is Zillow or some other online valuation tool. If you want an accurate value of your home always consult with a local Huntsville real estate professional or competent appraiser.  

*Click here to download an Excel spreadsheet of the accuracy data from Zillow.

 

 

 

 

 

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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. Listings marked with the ValleyMls logo are provided courtesy of the Huntsville Alabama Real Estate Information Service, Inc. (ValleyMls) IDX Database. © 2013 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

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100 Providence Main Street
Suite B (above CVS)
Huntsville, AL 35806

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Cell: (256) 425-1659
Office: (256) 585-6000
Fax: (256) 217-4073

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Elizabeth@atHomesRealty.com

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