Viganbrat, Home Owner in Palo Alto, CA

Do you think I'l be able to get what Trulia has estimated for my house if I ever sell it? Thank you!

Asked by Viganbrat, Palo Alto, CA Fri Jul 26, 2013

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17
Elena Talis’ answer
It depends. Some homes are under-estimated, some homes are over-estimated. Trulia does not have any way to take into account the condition of the house and some other factors that are not part of the public records. There is also market dynamics - the prices may be on the rise or declining. I can do a CMA for you and get you a realistic number.
Web Reference: http://talisrealestate.com
0 votes Thank Flag Link Thu Aug 29, 2013
Hi,
automated valuation models' estimates like those provided by Trulia and others are most of the time incorrect...see more about this here
http://americarealtyonline.com/RealtorWebPage?custompage_id=…

good luck!
$$$ BUYER CASH REBATE 50%-60% / SELLER DISCOUNT 50% $$$

Web: http://americarealtyonline.com/
(415) 305-2958
Flavio Tejada, MBA-Finance, Realtor, Broker/Owner
1 vote Thank Flag Link Fri Jul 26, 2013
Without knowing what you are talkingabout; I can state, unequivocally, maybe:
The estimates that Internet companies conjure is often mistifying.
A Realtor can do a CMA, which is usually very accurate.
An Appraiser can do an Appraisal for about $400.
Everything else is an opinion without much information or research.

If you're just curious; forget it for now.
If you're considering doing something; talk to a Realtor.
1 vote Thank Flag Link Fri Jul 26, 2013
I and many other real estate professionals here are all willing to provide you with an actual market snapshot or comparative market analysis of what's happening with homes in your area.

To find the answer you seek, I'd suggest contacting some of these nice folks offline and receiving some free and confidential market analysis so you can make a real choice.

Or you can post details here. If you like the price Trulia or Zillow suggests, verify it with a real estate pro to see if it's a reality that can make your next home dream come true.
0 votes Thank Flag Link Wed Aug 28, 2013
You may find it when you put it in the market.
0 votes Thank Flag Link Sat Jul 27, 2013
Probably. My experience is that automated values are more likely to be low than high but I have seen it go the other way too.

I recently had a client call me and voice concern that another big internet website said his Duveneck/Saint Francis Palo Alto house was worth $1.3M. I helped him buy it about 2 years ago for $1.3M. A quick search of property records showed that his next door neighbor had sold his house to an LLC, without being listed on the multiple listing service, for $1.3M. Each of these houses is worth about $1.8M

Why his neighbor would sell his house to an LLC without it being listed on the multiple listing service is open to speculation. The land without a house would probably bring $1.3M.

To see June's actual Palo Alto home sales records visit
http://julianalee.com/palo-alto/palo-alto-home-sales.htm

Statistics are good for getting a feel for what is happening with home values. To see Palo Alto home values visit http://julianalee.com/palo-alto/palo-alto-statistics.htm

To get an accurate understanding you need to be talking to many people and making/listening to many offers. Give me a call and we can chat.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest.
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
Web Reference: http://julianalee.com
0 votes Thank Flag Link Sat Jul 27, 2013
Trulia could be high or it could be low. There automated valuation systems can be significantly off either way because they have no clear way to measure specific things like updated vs not updated kitchen or bathrooms, floors, cabinets, .... they also aren't able to place a premium on a house in a better school attendance area, and other unique nuances that a home might have.

They also are driven by recent sales information about the asking price and the sales price... so if a neighborhood hasn't had many recent sales the accuracy can be way off.

If we sent 3 different professionally licensed appraisers out to the same home, they would come back with 3 different values and with possibly a 3% to 10% or greater difference in valuation. Think about that for a second!

What's a home worth? What ever a Buyer is willing to pay for it. What determines what a Buyer is willing to pay? Staging... # of competing similar homes on the market... that fresh paint/clean leather smell... etc...

I'd love to help you assess accurately the value of your home and won't put pressure on you to list it. I also will be the voice of reason and not just tell you what you want to hear, but occasionally as need be tell you what you need to hear. That kind of integrity and attention to details is why my past Sellers LOVE me and sing my praises. If you'd like that level of professionalism and service, call me sooner than later!

Stu Carson
http://www.CarsonAndTeam.com
408-209-0849
0 votes Thank Flag Link Fri Jul 26, 2013
Viganbrat, If you are in Palo Alto, and in this market, you should expect more
0 votes Thank Flag Link Fri Jul 26, 2013
All prices from appraisers and agents are opinions legally. From Trulia and other Internet sites, prices are the result of formulas based on machine-readable data from county assessors and other sources. The formulas try to estimate the general and local market effects on property value using the limited data available about nearby recent sales. The problem is that many important variables cannot be expressed in a way that formulas can use. Those variables include condition of the property inside and out, whether it has been updated or not and how completely, views, and what the neighborhood and neighbors are like.

Then there are market conditions that impact price. Whether a buyer writes an offer for your home will partially depend on what other homes s/he can buy for the same money. Another way of putting it is will the other homes sell yours or will yours sell the others? (Will buyers like your home but decide they can get a comparable one for less money down the street?)

If you want to improve the attractiveness of your home to potential buyers, consult with a good realtor and a stager to decide what are ways to do that with a good return on your investment.

If you are thinking about selling and are concerned about price and timing, there are several other factors you might want to consider. If you sold your home now, could you buy replacement property that could appreciate faster? Are there any tax issues to look at? Is there another place where you prefer to live? How important to you is it to be there?

Each buyer and seller is unique. A single response can't fit everyone. Find a professional and/or a good friend who can help you think thru all of your concerns, preferences, and options. One way to find the realtor you want to work with is to go to open houses and talk with the hosts. Another is to ask friends for recommendations. If you see a response here or another site that you like, call the agent and ask for more info.
0 votes Thank Flag Link Fri Jul 26, 2013
Trulia is not a substitute for a professional opinion. Call me for an appointment for a free Comparative Market Analysis now! Your question will be answered quickly and professionally. I will assist you to get the best possible price for your home as early as September 2013.

John P. Lauer, Realtor
Keller Williams Realty - Palo Alto
BRE 01364010
650.387.6378
0 votes Thank Flag Link Fri Jul 26, 2013
It depends - if your house is surrounded by similar homes there is a chance that the trulia estimate will be close to the sale price. If you are surrounded by homes of different sizes and styles, you will need a professional to price your house. And how about the house condition?
Web Reference: http://talisrealestate.com
0 votes Thank Flag Link Fri Jul 26, 2013
I would never trust a statistical number offered by Trulia, Zillow or any other website. Your best opportunity for a market asessment is to invite in a couple of well chosen Realtors from your neighborhood. We all do this for no cost because it helps us get listings...

so invite some agents in....best of luck.
0 votes Thank Flag Link Fri Jul 26, 2013
The best way to find out what price your home will sell for is to ask a Realtor to do a Comp Market evaluation.... It is usually free and most agents will come to your home and share this information, especially when you are interviewing agents to list your home....
No system is perfect, But it should be close
0 votes Thank Flag Link Fri Jul 26, 2013
What is the estimate and what is the address? Without that information there is no way to know if the Trulia estimate is correct or not. Sometime auto estimates are close and sometimes they are not.

for example, this year Zillow estimates in Palo Alto have been very low on average. They have not be able to keep up with the rapid appreciation in Palo Alto. When the market was going down in 2009 Zillow was often high on what the house would eventual sell for.

I have not been following trends on Trulia but right now, Zillow says my home in Palo Alto is worth 200K less than I think it is worth and Trulia says it is worth 200K more than I think it is worth. So, if I am correct (which after 18+ years in the business I think I am) then Zillow is 10% too low, which it has been all year, and Trulia is 10% too high. Since I do not have the confidence as I have not been following Trulia's estimates, I can not say if this applies to all of their estimates or just mine.

Marcy Moyer
Keller Williams Realty Palo Alto
marcy@marcymoyer.com
BRE 01191194
650-619-9285
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Fri Jul 26, 2013
Just to add on to what has already been said...you definitely can get the number you want, but you have to sell at the RIGHT TIME. Real estate historically appreciates over time. We are currently in a seller's market, with low inventory relative to the number of buyers. However, with interest rates going up, the amount of home a buyer can afford is going down. People are currently paying above list price because the market is so competitive amongst buyers. However, as home prices continue to go up, and mortgage rates go up, the number of buyers at a price level will drop off, stabilizing the market.

Long story short, timing will have as much to do with getting the price you want as anything else. Know the market, or consult with a professional who is well aware of the trends in your neighborhood, to maximize your home sale.

Best of luck,
Alan Kurpiewski, REALTOR
CA BRE Lic. 01912043
(619) 35-HOUSE
(619) 354-6873
http://www.homes4schools.com
homes4schools@gmail.com
0 votes Thank Flag Link Fri Jul 26, 2013
Well.... yes. However, it really depends. I think eventually all homes prices will go up. So if Trulia shows your value to be $900,000 today and it is really only worth $600,000, in a few years the market value may bring it up to $900,000. You may have to wait 10 or more years, perhaps. As for will Trulia prices ever match the market? No. it's a moving target and it is not comparing apples to apples.
Web Reference: http://www.TerriVellios.com
0 votes Thank Flag Link Fri Jul 26, 2013
I wouldn't count on trulia's valuation any more than I would any other website's estimate on value.
For one thing they use tax records which are notoriously inaccurate, and for another they don't take into account the nuances like view, condition, etc... that separate one property from another.

If you want to know what your place is worth, have 2 or 3 experienced, reputable, agents/brokers come and take a look. This is going to be your best take on real world value.

Best Regards,

Lance King/Owner-Managing Broker
King Realty Group

lance@king-realtygroup.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Fri Jul 26, 2013
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