RealEstateABC Value Tools Rival Zillow

From the Inman News article RealEstateABC.com offers free tools to consumers, by Glenn Roberts Jr. "Even before the digital paint has dried on Zillow.com, a real estate valuation site that launched in beta form in February, an alternative site has sprung up at RealEstateABC.com. Both sites offer home-price estimates to consumers at no charge and without requiring any form of registration." You can read the whole article Here. "Amy Bohutinsky, a Zillow spokeswoman, said the launch of another valuation tool is more proof that consumers are hungry for real estate information. "I think what you're seeing is evidence that there's a great consumer search for more information on the Web, and consumers want data that's traditionally been very hard to find online for free. Valuations and data on 60-plus million homes is a first step on what we see as a marathon of opportunity to give consumers tools and processes. This is our first step. Seeing other sites out there develop consumer tools and information is a great thing."

A statement at the RealEstateABC Web site notes that the ABC Values tool uses "methodologies similar to those used by Realtors, brokers and appraisers -- although we highly recommend that you consult local professionals to obtain an expert opinion. There is no substitute for deep local market expertise."

How are RealEstateABC Values calculated? RealEstateABC has developed proprietary formulas (algorithms) using data from approximately 60 million homes in the U.S. We want to empower you with all of the data to be well informed about the value of your home. We use methodologies similar to those used by realtors, brokers, and appraisers-- although we highly recommend that you consult local professionals to obtain an expert opinion. There is no substitute for deep local market expertise. Our calculations for a specific property involve three steps: Step #1: We identify the best comparables (or comps) for your home from our database based on factors such as proximity, recency of sale, similarity in square footage, and more. We are continually updating our data. Step #2: We analyze and adjust the comps for your home, considering factors such as price appreciation (or depreciation) in your neighborhood and the relative size of your home to those in the comp set. Once again these calculations use a set of proprietary algorithms. Step #3: We calculate an estimated value for your home. Since the ABC value is only an estimate, we provide a range of values. We strongly encourage you to refine the valuation of your home with our tools described below. How can you make the estimate more accurate? Since no one knows more about your home than you do, we have provided simple ways for you to improve the accuracy of the ABC estimate. First, you can customize your value by assessing how your home compares to others in the comp set. You can do this by clicking on the "Adjust Value" tab and customizing the features of your home. If you think you have a bigger lot, or a newer remodel, or a better view than the comp properties, adjust the valuation sliders and instantly get a revised estimate of your home's value. Second, you can add or remove comps that are used in valuing your home. Simply check or uncheck the properties to be included and your ABC value updates automatically. From their site, "We strongly encourage you to take control of the analysis of the value of your home." Appraisal