What happens after I update a HomesEstimate with a CMA range?
How We Calculate The New Estimate with a CMA
When a licensed agent provides a Comparative Market Analysis (CMA), the mid-point of CMA provided, becomes the new HomesEstimate.
The range is determined by our algorithm to ensure the estimate remains grounded in broader market data, while taking the CMA into account.
It is important to note that this agent-provided data acts as an additional data point to refine the model; it does not replace the existing automated valuation.
When we have more data the range will be narrow and when we have less data the range will be broader.
How We Display The Updated Number
As per the example below we will display an agent appraised label and disclaimers to ensure we are being as transparent as possible.
The agent appraised label will disappear when the HomesEstimate is recalculated each fortnight. However, the call out on the graph and the disclaimer under the graph will remain.
