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. In your case, the market values for your area might have moved a long way from the last Rating Assesment. Hopefully, the HomesEstimate has moved in line with the market for.
- Your house may be quite different from the typical house in your area (significantly larger/smaller house, views, newer/older). In such cases, automated valuation models like the Rating Assessment and HomesEstimate can struggle to get an accurate estimate of the market value a property capturing its unique situation. And the Rating Assessment and HomesEstimate may have missed the mark by very different amounts!
- Your property may have been substantially altered since the last Rating Assessment (e.g. an extra bedroom added, a new garage built, or a piece of land sub-divided off the section). If this alteration has been correctly captured in the council records, the HomesEstimate will reflect the alteration, but the Capital Value won’t necessarily reflect this change until the next round of general assessments.
- The information in your council record may be incorrect (i.e. wrong house size, number of bedrooms or type of construction). Both the Capital Value and the HomesEstimate may be misled in the calculation to a different degree.
Why is median sale price in market insights different from my HomesEstimate?
The median sale price and the HomesEstimate are two different numbers calculated in different ways. The median sale price is simply the middle value in a range of other values. For example, you claim a 3 bed, 2 bath townhouse in Waiwhetu. Based on ...
How do I correct the Capital Valuation once a new value has been calculated by Council?
Homes.co.nz receive property files from the councils on a regular basis, generally monthly. If, however, you have had a new valuation done on your property and it is out of the normal cycle you are welcome to ask homes.co.nz to update the valuation. ...
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 ...