What is the HomesEstimate?

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, this can include multiple sources.

 

For a formal market appraisal, your real estate agent or valuer physically inspects the home and takes special features, location and market conditions into account. We encourage buyers, sellers and homeowners to supplement HomesEstimates by doing other research such as:

  • Getting a comparative market analysis (CMA) from a real estate agent

  • Getting a formal valuation report from a professional property valuer

  • Visiting the house (whenever possible)

  • Getting a building inspection carried out

  • Obtaining the local council Land Information Memorandum (LIM) report

The HomesEstimate Explained

    • Related Articles

    • 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 ...

    • 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 ...

    • 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 ...