Kristan from Trulia here. We use a bunch of info that our data scientists comb through, including recent sales of similar homes and home facts like beds, baths, square feet and more.
We've written in more detail about Trulia Estimates if you'd like to learn more, http://www.trulia.com/trulia_estimates.
Also if you're the owner, you can claim your home now to make sure we have accurate info and improve our estimates of both your home and your neighbors' too.
Thank you for using Trulia for all of your real estate needs. You may contact us directly at firstname.lastname@example.org if you have any other questions.
If you are selling have a few realtors come over and give you a free CMA. This will give you an individualized report which will be prepared by a human and can take into account condition among other things and will pertain specifically to your home.
If you are buying, get a buyer's agent. A buyer's agent can do an analysis for you to determine a good offer price. A buyer's agent should take their whole commission from what the seller offers, you get exert advice for no cost to you.
Please feel free to e-mail me if you have further questions or comments.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803