If you had data from 3-6 months ago, then in theory you would be able to estimate a price today within 10-12% in a low-beta market that has historically moved no more than 25% in a year. Now, if your specific market had moved 30-40% in a year in the past, then you should discount the value of a Trulia estimate to be good within 15-20% of the actual market price. So, if your price sensitivity is less than those ranges, as most buyers are, then estimates from Trulia and appraisers are not very useful.
Only a Realtor with a command of this concept and excellent field knowledge of pending transactions will be able to give you a useful guidance on the current market price. Working with a Realtor like that, you'll know whether the listing price is way too high, too low or just right.
See how we market homes http://ericsteindler.com/2012/09/12/how-we-market-homes/
You do not go by estimates from web sites, they are averages from 2-3 years, they are free
and that is what they are worth
What you need is a live update from an agent, i.e. your agent on recent homes closed
as well as homes pending, that have recd. offers and not closed yet.
That is the best way to get an accurate value on the property, after understanding what the
Market is doing in your area of choice.
Are you dealing directly with the seller or is this just a general question with example? I do have to say that many sellers now are over priced. We say 'Price not supported by sold data'. Some are not properly counseled by their real estate brokers. Others are trying to find an ignorant buyer, forgetting that the house has to appraise for a loan. Some have little or no equity and hope they can squeeze every last penny out. I travel 7 days a weeki around the Portland area, doing hundreds and hundreds of properties. My LEAST favorite zip codes are 97223 and 97035. Severe lack of listings and solds make it very hard to value homes. Have three brokers give you a market analysis on the same property. See how much they vary and if any of the brokers ADJUSTED for things like 2 vs 2.5 baths, square foot difference and by dollar amount per foot, age, bedrrom count, how many car garage, etc. If it comes up less than the sellers asking price, include your CMA with the offer unless you plan to lowball less than the CMA. Or, have your agent call the listing agent and ask how they came up with the price and compare their data.
"Trulia receives this listing from ListHub, a third party listing provider. As part of Trulia's syndication agreement with ListHub, Trulia has agreed to limit data edits on core fields (e.g. price and status) specified by ListHub."
When there is no one responsible for the data, the data produced will be irresponsible.
Are you working with a real estate agent? If not, feel free to give me a call. I'd be happy to speak with you.
Windermere Cronin & Caplan Realty Group, Inc. - Lake Oswego, OR
Mobile: (503) 389-3025