How accurate is the HomesEstimate overall?
The HomesEstimate's accuracy depends on the availability and accuracy of council and sales data in an area. The accuracy percentages are calculated by comparing our HomesEstimates to recent sales in the area. An up-to-date accuracy estimate for the HomesEstimates can be found under the “How Accurate is the HomesEstimate” drop down tab here.
Will the HomesEstimate ever change?
Yes. A team of statisticians are constantly working to make the HomesEstimate more accurate. Homes.co.nz is continually updating the approach used to estimate the value of your home, and any new sales or property information is used to update and ...
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. ...
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 ...