I will simply refer you to Carls response with one proviso between Agents. Zillow estimates do not have no value. Zillow is a resource people use as a rule of thumb and come into play in real estate discussion becasue they affect peoples perceptions of value. This is HUGE.
For instance a seller interviews a broker and sayd "Zillow says my home is worth $450k and you want to list my home at $350k?!?!?!" The broker explains that zillow has no value as Carl describes and the home gets listed at $350k"
The broker is now doing the first open house and the buyer comes into the home and says "I say the Z-estimate on this home is 350k, it was such a deal I had to see it!" Now the broker has to tread lightly. Is the broker really going to say to a buyer the Z-estimate has no value? Is saying that the zestimate has no value a factual statement? This is the agents connundrum.
Zillow shows buyers all local values so one can look a cluster of data and if the person is analytical, make a reasonable assessment of the calidity of the data. Zillow estimates are absed on title record averages and are a reasonable barometer of market values like non-comp home sales across differing neighborhhods. It is simply one additional opinion of value and is a valuable tool if used properly (read => not for concrete assessment of a value of ones home)
Like Anna, I am curious as to why you are asking this question if you are a broker â€¦
Need an appraisal? Hire a qualified appraiser in your area.
Need a CMA? If you are a broker, you should be able to do this yourself. If you are not, talk to a few local Realtors.
Need a Guesstimate? Trulia does not have a program like Zillow, and I NEVER recommend using Zillowâ€™s Zestimate platform â€¦ hereâ€™s why:
Zestimates: Zany, Zesty Z-Evaluations With Zero Z-Value
I suspect you are thinking of something like Zillow's "Zestimates." For the most part, such automated estimates are fun, but have little use in determining the actual value of a property. The last time I checked, Zillow claimed their Zestimates were within 10 percent of the actual value of a property about 50 percent of the time, which means they are pretty worthless for making real world decisions.
I don't believe Trulia has a similar estimate system. You can ask a real estate agent for a comparative market analysis (CMA), which should give you a good idea about the market value of a property, but an appraisal can only be provided by a licensed appraiser.
If your objective is to help determine market value, you can ask a loan officer you work with to run an AVM through their credit reporting service. There are different levels of AVM's. The full version comes with an appraisal value and those cost approx. $20 bucks.
All the Best,
There are many 'intangibles' behind this data, such as whether homes were fixed up or not, special amenities and the like. I have the local market expertise to help you interpret this information fully. Additionally, for a fee, Steve Gould with Keller Williams is both an agent and appraiser -- and has appraised homes for me prior to listing. If you are refinancing, the appraisal will beordered by the lender. We specialize in long distance and paperless transactions using DocuSign for our client's convenience.
Best of luck to you!