Steve Rankin, Real Estate Pro in Cambridge, MA

How do I determine Trulia's estimate of the fair market value of a particular house?

Asked by Steve Rankin, Cambridge, MA Wed Apr 16, 2008

There is a FSBO for sale, and I'm trying to determine if the asking price is reasonable. I'm hoping that I can enter the address in Trulia, and get some sort of idea of the fair market value of the house.

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4
Louis King R…, , 02472
Mon May 12, 2008
I would NOT use Trulia to determine the value of a Somerville home. I lived in a 3 decker in Porter Sq. Somerville for many years and Somerville values can change block to block.

Somerville isn't a city with street after street of capes or colonials. It can vary from ranches to 4 family homes within the same street.

If you're looking for a multi-family home, you should know that rental values can change drastically if you're 1/2 mile or more from Porter or Davis Sq. Same goes for home values.

Go to a Realtor. If it's a multi-family home, make sure the apartments are regarded legal by the city.
0 votes
Barbara Mada…, Agent, Albuquerque, NM
Tue Apr 29, 2008
The only source I would rely on is your local Realtor. Most websites do not include SOLDS which, as alluded to in previous comments, is the ONLY way to determine the value of a house. Anyone can ask whatever they wish for their home - it's the price the market determines that carries the weight and that is the SOLD value. In some states such as mine - non-disclosure means that information may never upload/download to a subordinate site such as Trulia or Realtor.com, etc.

Contact your local Realtor. They will be more than willing to help.

BARB
0 votes
Ryan Wanger, , 80304
Wed Apr 16, 2008
Check out http://www.zillow.com and http://www.cyberhomes.com, both let you do exactly what you've suggested...and of course, the amounts usually won't match!
0 votes
The Moores', , Templeton, MA
Wed Apr 16, 2008
Dear Steve,

Although Trulia is an awesome site I'm not sure its database includes SOLDS which is where most of the weight should be given for a true picture of market value.

The homes local assessors office has records that could be used. But probably the most accurate database is the MLS (Multiple Listing Service.) Not only can you see SOLDS and Comparable ACTIVES - Competition in the Realtor world but MLS provides a link to the private (or FSBO) sales also.

If you do find a way let me know. I would find this interesting.
-Karissa
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