How accurate are Trulia estimates?

Question

How accurate is this Trulia estimate and should I trust the estimated number in my purchase decision for this property?

Michael Noto · Answer

@Susan Tan Just tagging Cincinnati and Ohio (OH) in this post so you can get some opinions from people who are local.

Blake Hrabal · Answer

@OP - I notice the estimates (and zestimates) are computed using algorithms in the website programming. I'd use it as a general guideline, sure - but not a set in stone number.  I believe any potential investment, you as the investor needs to do some good ol' math and figure it out yourself - don't let the website programmed algorithms guess what your mortgage rate will be.

Jeff Ronningen · Answer

@Susan Tan.   Who knows? It’s accurate for some properties but not for others. Never rely on just Trulia or Zillow.  The county auditor has a good website which will help you do research.

David Dachtera · Answer

@Susan Tan,

The websites will give an estimate that's actually generated in real time by the code in the web page as it loads. The software makes the best guess it can based on the information available, usually recent sales backed up by current listings.

The snapshot you posted even says, "Trulia Estimate".

Zillow says, "Zestimate", for example. It does NOT say "Zappraisal".

No human has intervened to put a value on anything the website displays to you. It's all software-generated estimates and guesses, at best. Some will be close, others will be WAGs.

Check the recent sales yourself and see what you come up with. If you know someone local to the property's location, ask them what they would charge to do a CMA.

Hope this helps ...

Kenneth Garrett · Answer

@Susan Tan

Don’t trust any of the sites to tell you the value of a property.  Zillow, Trulia, Redfin, etc all use algorithms that are based an area with similar characteristics.  Do your own analysis.  Go ahead and use for quick math when looking whether to buy or not, but it takes analysis within your market.  As with all markets if you cross a major street into another subdivision value could be 10K-15K difference even though your within a 1/4 mile of your property.

How accurate are Trulia estimates?

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