It appears to me that Trulia is more geared to predicting what a home will sell for, as opposed to other online pricing tools that predict what it might appraise for. So Trulia is probably the best one to use if you are buying or selling a house as apposed to refinancing a house.
They all take the average of the surrounding sales and look at the square footage, age of the house etc. and create an mathematical formula to predict value.
None of the online services know the condition of your home or the average of the other homes that have sold, so the value of our home can be as much as $100,000 different. So if your home is a complete tear down, subtract $100,000 and you will have the least it could be worth.
Clearly they using an average of what has sold, so it would reflect the average condition that they sold in. So you have to adjust your price based on what condition you think the average home would have sold in, and the condition of your house..
If all the properties in the area have the same builder, square footage and floor plan, you know these services are going to be pretty much dead on.... more
Thank you for all the answers. Realty Track is not the place I'd look for a home to buy. I looked for foreclosures in rhe Fannie Mae website or the Banks' and I didn't see anything at "half" price. The Banks want market value as well. I will go with a Realtor to list and buy a home of course!... more