How realistic are the price estimates on Trulia and Zillow?

Asked by Just Wondering 4 Now, Atlanta, GA Tue Sep 18, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Larry Avroch’s answer
Larry Avroch, Agent, Bayside, NY
Wed Sep 19, 2012
The only way to truly know what your home is worth is to sit down with an experienced agent in your area. They should show you copies of similar houses that have sold in the past 6 months in your immediate area. Then after looking at your house, make adjustments for recent renovations, etc. Online estimates are worthless. There could be 2 houses with the same exact footage and land size where one hasn't been renovated in 30 yrs. and the other ultra-modern. inside. Online sites wouldn't know to make adjustments for this.

If you'd like further info on what your house is worth, you can contact me at 718-224-1515 ext.106. I have sold many houses in the Whitestone area.

Larry
0 votes
Larry Avroch, Agent, Bayside, NY
Wed Sep 19, 2012
The only way to truly know what your home is worth is to sit down with an experienced agent in your area. They should show you copies of similar houses that have sold in the past 6 months in your immediate area. Then after looking at your house, make adjustments for recent renovations, etc. Online estimates are worthless. There could be 2 houses with the same exact footage and land size where one hasn't been renovated in 30 yrs. and the other ultra-modern. inside. Online sites wouldn't know to make adjustments for this.

If you'd like further info on what your house is worth, you can contact me at 718-224-1515 ext.106. I have sold many houses in the Whitestone area.

Larry
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Tue Sep 18, 2012
Trulia is fairly new as far as home estimates go. This is something Zillow has been doing for a while. Here is a link to show you how Zillow regards their own accuracy when it comes to Zestimate:

http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

Check it out- it depends on your area, but the data and stats can be very telling.
0 votes
Thomas Brady, Agent, Plainview, NY
Tue Sep 18, 2012
They can range from failry accurate to wildly inaccurate. They work best in developments where homes are very similar. The best way to find out an accurate value for your home is to invite three agents from different companies over to provide you with a free CMA. That should give you an accurate picture at that moment in time of your homes market value.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Sep 18, 2012
Don't rely simply on online estimates, as some are inaccurate nor updated; rather review comps with your agent, recently sold similar properties in the immediate area, then go from there.
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Sep 18, 2012
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more