Can I use the HomesEstimate to get a loan?
No. The banks in New Zealand require a formal valuation by a registered Valuer to be done on a property in order to register a loan against that property. The HomesEstimate is not a formal valuation and homes.co.nz is not a registered Valuer.
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Can I get my HomesEstimate reviewed if I believe there are errors?
We will take this feedback on board and use it to see if there are systematic issues with the algorithm, but do not change individual HomesEstimates in response to customer feedback. The HomesEstimate is designed to be a neutral, unbiased estimate of ...
What is the HomesEstimate?
The HomesEstimate valuation is our estimated market value, computed using a proprietary formula. It is not a formal valuation. It is a starting point in determining a home's value. The HomesEstimate is calculated from data available to homes.co.nz, ...
What's in the HomesEstimate Formula?
We use proprietary automated valuation models that apply advanced algorithms to analyse our data to identify relationships within a specific geographic area between this home-related data and actual sales prices. Home characteristics such as house ...
Is a HomesEstimate a formal valuation?
Absolutely not. The HomesEstimate is not a formal valuation and you won't be able to use it in place of a valuation, though you can certainly share it with real estate professionals. It is a computer-generated estimate of the worth of a house today, ...
Why is my Capital Value different than my HomesEstimate?
There a number of reasons why the HomesEstimate might be quite different from your current Capital Value. These include: Capital Values are calculated at quite long intervals, usually every three years. The HomesEstimate is re-calculated every month. ...