Why is my property estimate is too low or high?
The HomesEstimate is an initial value guide, with its accuracy influenced by available data. Ensure your property details and sales history on Homes.co.nz are correct. Accuracy can be lower for unique properties due to limited comparable sales, and renovations not reported to the council aren't included. To improve accuracy, submit a formal valuation report or ask a local agent to provide a property appraisal (CMA) and give them permission to update your homes estimate.
The HomesEstimate is a starting point in figuring out the value of a property. The amount of data we have for the property affects the estimates accuracy.
-
Price history and property facts: Check to see if your price history (the sale price and date you bought your home) and property details (house size, land area and age of construction) are correct on Homes.co.nz. Depending on the area in which you live, this can be a big factor in calculating your homes estimate.
-
Comparable sales: The accuracy of the homes estimate depends on the number of comparable sales in each location. If your home is particularly unique (e.g. at the high or low end of the market), there may be few comparable sales and the accuracy of your estimate is reduced.
-
Updates and renovations explained: Most upgrade information is not in the public records and is not easily quantifiable. We do not know about home updates and renovations unless they have been reported to your local council, so those items are not used in the estimate calculations. Unfortunately, there is no way for us to systematically gather and verify the type of renovation and the additional value that it may add for a potential buyer.
​
If you have a recently completed formal valuation report, you can help us improve the accuracy of your homes estimate. To do this, follow these simple instructions.
​
If you are looking to sell your property we suggest you ask a local real estate agent to complete a comparative market analysis (CMA) or property appraisal for your property, once the agent has completed the report for you, give them permission to share the information with your properties estimate calculations as they can log into their homes.co.nz account and update your estimate within 24 hours.