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 date you bought your home) and property details (house size, land area and age of construction) are correct on Homes.co.nz. Depending on the area in which you live, this can be a big factor in calculating your HomesEstimate.
Comparable sales: The accuracy of the HomesEstimate depends on the number of comparable sales in each location. If your home is particularly unique (e.g. at the high or low end of the market), there may be few comparable sales and the accuracy of your HomesEstimate reduced.
Updates and renovations explained: Most upgrade information is not in the public records and is not easily quantifiable. We do not know about home updates and renovations unless they have been reported to your local council, so those items are not used in HomesEstimate calculations. Unfortunately, there is no way for us to systematically gather and verify the type of renovation and the additional value that it may add for a potential buyer.
If you have received a recent comparative market analysis (CMA) from a Real Estate Agent or a formal valuation report, you can help us improve the accuracy of your HomesEstimate. To do this to your home, follow these simple instructions.
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, ...
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 ...
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 ...
How do I update a HomesEstimate?
We understand that our HomesEstimate does not always accurately reflect the value of a property. For this reason, we allow you to update it with a CMA range. To upload a CMA range you must have written permission from the vendor. Login to your ...