Have you ever thought about how your house is worth? If no then with the help of chase home value estimator, you can get a pretty idea about house price. Estimation of the house value defines based on depth analysis of multiple properties. All the necessary factors come into account to estimate house prices such as plot size, house condition, upgrades, living space construction and locations. Most of the people use this tool while they are planning to sell their house, but in some cases, people use this tool when they are planning for preparing a cash sale. This tool gives you a number, and you want to sure that it is accurate.
This tool is helpful when you are planning to buy any house. Suppose if you are going to buy anything, and for the best result, you look so many items and compare price. You see the small nuance that makes the product different than others. On the other hand, this tool is also helpful in local market analysis trends, interest rate, zoning, taxes and seasonal price fluctuation. These entire variable plays a pivotal role to determine the property worth.
In the present time, there is not any automatic tool that can account all these factors.
Table of Contents
Factors impact property values:
There are so many factors that play a pivotal role to define your property value. Some of the factors you can control, but some cannot. Below is the list of factors that are deciding your home worth.
- Location
- Home size and space
- Age of the property and what is the condition of it
- Supply and demand of the property
- Real estate competition
- Interest rate
- Planning and building regulation
- Other economic factors
How to estimate your house value?
There is a free tool that is a home value estimator tool that gives you a quick and easy way to estimate the available price for your house. This tool uses active, pending, and sold listings from the multiple listing services and county tax records to calculate a market price. After verifying all the necessary information such as property address, enter contact information where you would like to email this report.
Why home’s value important?
Your home is an important part of your life with the financial plan. Here you will see why your home’s value matters and why it is so important.
- Your house value increase in terms of value over the period. When your home value increases, net worth also increases. So, if you sell out your house later, you can make money as your investment.
- You can borrow money based on your home. If the house value increases over time, you can take borrow more money for your kid’s education, buying a car etc.
- Your house resells value increase over the period, which is also one kind of investment.
- Finally, knowing about your home value can be important when it comes to estate.
Five sites to estimate your house worth
Five sites are helpful to estimate house worth on the following factors which are listed below.
Zillow estimator:
It is one of the autos developed models that tailored to represent current market stock value estimation of millions or even more than of millions home around. Zillow is an amazing platform with substantial online database stores a huge amount of knowledge from the public, and it is stored in a normalized manner in one place. It is sleek by a very sophisticated mechanism to estimate the relative predicted value for your dream home.
On the other hand, few real estate experts consider that Zillow’s predicted value is not widely accurate and consistent, but it is helpful to gain a brief idea about it.
Chase home value estimator:
Chase Bank develops a home value estimator tool, and it is one of the best estimation tools that are useful for sellers and buyers both. The value estimator tool is helpful to generate a predicted house price as per the current market free.
The home value estimator uses billions of home sale record in the database, and the whole process is very simple to use. If you are going to use this tool, you have to enter your complete house address or property address that you are seeking to buy or sell. After entering the information, tap on the option “Get Value” to status review.
One major drawback with this tool, it is very slow to update new values in the database so, many of the estimators claims that it is not an updated database and not reflecting correct information due to its outdated.
Eppraisal:
Eppraisal is one of the finest online tools helpful to predict properties market value, and this estimation is calculated based on the recent sales record of other similar properties. Also, it includes property details in a detailed manner and surrounding area analysis. You can compare with other similar properties to make your work feasible and understand the price to sell the house.
It has an updated database as compared to other analytical databases; however, they claim that for reflecting results on comparing with twenty similar properties. Some complain that this tool is not good when you are going to planning to sell out your house using a non-traditional method like sale by owner.
Redfin home value finder:
Redfin claims that they have a negligible error during analysis and result as compared to other house value predictors. It estimates properties upon MLS to calculate house present market value to get the more accurate estimated result. It displays you more comparable houses or property in your zone where you have your property. Suppose if you are planning to sell your property, get in touch with Redfin who will give you proper advice about the whole process.
A little caution, Redfin has found the culprit of illegally selling valuable client information to the real estate agent. So the user has to beware when using Redfin.
Smart Zip:
Smart Zip analytics brings data analytics and the real estate industry at a single platform as we know that estimated data analytics agent estimate real estate current trends and search for potential customers. Smart Zip is being used as one of the strategic management tools for the company, and it is helpful to develop long-lasting planning and marketing objectives. This system includes smart customer relationship management tools follow-up tools which make sure real estate agents grab the best market deals. It is one of the tough platforms for those who are not in business analytics.
Smart Zip claims that we are a team of full-time investors as we buy the house across the whole United States regularly, so we are required to use such kind of free tools regularly so that to give seller information accurate for the very first time.
How value the site’s error cost you?
Zillow never claims to be 100% accurate all the time but claim to have 80% accurate in most of the areas.
As per the provided data, there is a home value estimate variance by several other estimation tools given below.
My estimates
$200000
Zillow
$226,440
Remax
$185,600
TAII Direct
$166,182
Chase
$194,338
Bank of America
$182,710
Fifth Third
$156,812
Redfin
$155,375
From the above figure, Zillow estimates are much more accurate as compare to other’s estimation.
Recent study:
All the price estimated tools neither do require to registered for an account nor to provide any personal information.
There are recent studies or home value experiments that are done in America.
Experiment:
One bedroom condo in New York City’s financial district
Background: This unit was purchased in the year 2014, and it has a one-bedroom with 1.5 bathrooms, and it is built in just under 1000 square feet.
Home value estimator results
Zillow estimates: $1244,350
The Epraisal: $1133,596
Realtors: No estimates
Chase: No estimates
Bank of America: $1008,593-$1,309,998
Fifth third bank: $1082,000
Discrepancy: $301,395 Average: $1,165,421
As per the above record, there is a range of values. So, all the estimates agree that the price has increased over the time it was last sold. Overall it is not a very good outcome.
In conclusion, a chase home value estimator is a tool to estimate house costs while planning to buy or sell any house. Several indicators are explained in these articles that affect the estimated value of any house. Some of the factors you can control and some not.
