How does the amount of data affect my HomesEstimate?
The number of transactions in a geographic area affects how much we know about prevailing market values of homes in that area. More transactions results in more usable data and improves the accuracy of the HomesEstimate. Also, we use public and user-provided data for house attributes and some areas report more data than others. The more attributes we know about homes in an area (including yours), the better the HomesEstimate.
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My HomesEstimate is too low or high?
The HomesEstimate is a starting point in figuring out the true value of a house. The amount of data we have for the house affects the HomesEstimate accuracy. Price history and property facts: Check to see if your price history (the sale price and ...
I just changed more facts for my house. When will my HomesEstimate change?
Updates to your home facts will be factored into your home's HomesEstimate but, if the updates are not significant enough to impact the home's value, your HomesEstimate may not change. In some cases, the altered data will affect the estimates slowly ...
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 ...
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 ...