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How are Estimated Home Values Determined?
How are Estimated Home Values Determined?

Everything you need to know about your client's estimated home value

Erica McGarvey avatar
Written by Erica McGarvey
Updated over a week ago

At Homebot, we’re committed to ensuring our estimated property values are based on the most recent and accurate data available in the area. Our advanced algorithm utilizes a broad range of industry-leading data sources fine-tuned by the foremost real estate analysts to provide the highest quality home valuation insights in the market.

The initial estimated value also includes what information you provide when importing clients, such as sold and appraisal info and data from public records.

This article explains what happens when:

Please note: The values are updated monthly and do not account for home renovations or updates since purchase.

What if the value is off?

If your client doesn't think the estimated value of their home is accurate, for instance, if they made recent home improvements, they can tune its value at any time! When a client tunes their home's value, they can request a professional opinion through a CMA.

Home value estimates tend to be less accurate in rural areas where sales are fewer, in non-disclosure states, or when the property has unusual or distinctive features.

What if no value can be generated?

For a very small percentage of properties added to Homebot for which we cannot generate a home value, Homebot will walk the homeowner through a short, simple tour with questions that will help determine the estimated value of their home.

How it works:

When their home is added to your account, your client will receive an email that will prompt them to answer a few questions to unlock their home digest. They'll be asked to provide information, including property type, purchase details, and any recent appraisals.

Homebot uses this information to generate the home's estimated home value and provide your client with a dynamic, personalized homeownership report.

If the information provided cannot be used to generate a home value, Homebot will ask the homeowner what they think their home is worth today and send you a CMA request so you can assist your client with the most accurate estimated value for their home report.

The video below shows how it works from your client's perspective:

Even without a value, your client can still explore Homebot's content for home buying, Homebot Home Search, and download the Homebot mobile application.

Have questions? Send customer support a direct message by clicking the pink icon in the bottom right corner of your screen.

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