Last September we began beta-testing Trulia Estimates on off-market homes in five Bay Area counties. This program has come out of beta and is now live on off-market properties nationwide. Buyers, sellers, and home owners have long been asking us for this feature, and our overall goal with this national launch is to provide useful information about homes and places across the country.
We understand that no tool can replace an agent’s expertise, so next to every estimate we recommend contacting an agent for a professional valuation of the home. While estimates can empower consumers with valuable information, we also know that they’re a great avenue to connect them with local agents so they can make smarter buying and selling decisions.
Additionally, Trulia incorporates feedback into the estimate process. Most valuation tools use only the most basic property facts and don’t account for details that can drastically affect a home’s value. We know, and agents know, that it takes robust information to make the most accurate value estimates. That’s why we are actively collecting feedback on the estimates themselves from local agents, buyers, and owners and integrating the feedback into our estimates.
Want to learn more? These FAQs should answer your questions:
Q: Where does the data for Trulia Estimates come from?
The basis of Trulia Estimates comes from public record data. As homeowners update their homes’ facts, that user-generated content is also considered in the model.
Q: How is this different from other valuations that are available today?
By updating the facts and telling us about a home, the estimate gets stronger – and this is just the starting point. After you see a home, you can let us know if you think the estimate is too low, too high, or just right. It is our long-term goal to bring transparency into the confusing process of figuring out how much a home is worth.
Q: How can real estate professionals use Trulia Estimates?
On every estimate we display, Trulia recommends contacting an agent for a professional valuation of their home. Trulia believes that estimates are a great conversation-starter between professionals and property owners who are thinking about entering the market.
Q: Does Trulia Estimates replace the need for a professional opinion?
Not at all. Trulia Estimates is just a starting point. On every page with an estimate, we make it very easy for consumers to provide feedback on the estimate and connect with an agent to get a professional opinion.