I do not work for Trulia, I just answer questions that consumers pose on this web site to try and help. Having said that, web sites like Trulia and Zillow simply present estimates of a homes value. The values of homes on trulia and many other web sites are estimates based on average sale prices in an area. It is determined by a computer program and mathematical equation. In fact, the same can be said of the City's assessment of your property. It is done using a mathematical equation... nobody actually comes to look at your home.
All of these estimates are just that, estimates. They do not take into consideration the physical condition of your property, or the benefits of the exact geographic location of your property. Most buyers already know this about these estimates. These estimates do take into account the house size, lot size and sale prices of similar sized homes in the area. Still, there is a large margin for error and again, most buyers know this.
If your home is what I call cookie cutter (an attached house in a row of 40 other attached houses), and if it is in average condition, these estimates may be fairly accurate. But if your home is unique, or renovated, or on a block that is in high demand (or low demand conversely), these estimates can be WAY off, high or low.
In the end, nobody can accurately determine a homes value without actually physically viewing the entire home. Only after viewing the entire home can a person really formulate an opinion of value. Hence, in the large scheme of things these estimates mean nothing and I would not lose sleep over it. In the end, when you sell your home, it will be worth what a buyer is willing to pay for it. And that varies because beauty is in the eyes of the beholder! In my experience, when buyers give an offer, they offer what they feel the house is worth based on all the other homes that that have looked at and compared. Rarely does a buyer look at the values on Trulia or other such web sites to determine how much they should offer.
If you want to discuss this further or if I can be of further assistance, lease let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783