In the US, realtor.com has announced it will now display estimated property values from three widely respected sources on for-sale and off-market properties.
To provide more insight into a home’s value, realtor.com is partnering with the same trusted data providers used by lenders and insurance companies to estimate a property’s value.
While not an appraisal, this data will empower consumers to make more informed and confident decisions when buying or selling a home.
“A home is often a person’s largest asset, so it’s natural to wonder what it is worth. Additionally, everyone wants to make sure they’re getting a fair deal when buying or selling,” Todd Callow, vice president, product management, realtor.com said.
“By providing consumers with multiple estimates from the same sources that financial institutions rely on to estimate a home’s value, we are able to offer a broader set of data to help our users make informed decisions about buying and selling homes.”
Many factors go into accurately estimating the value of a home including location, size, finishes, school districts and much more; so, property estimates can vary from one source to the next.
Although no automated model is 100 per cent accurate, providing data from multiple sources, each with their own unique algorithms, enables consumers to have a more complete picture of home value.
While these data sources add a layer of transparency and show consumers the information often only available to financial institutions, the company notes they are not a replacement for the value gained from speaking to a local real estate agent.