SAN DIEGO / FEBRUARY 26, 2019 (STL.News)
Home Junction Inc. announced there were more than 1.1 million online requests by consumers in 2018 for home value estimates on their client real estate websites.
“This milestone is important for two reasons,” reported Ed Kim, Senior Vice President with the company. “First, the total demonstrates the importance of home value estimates to consumers. And secondly, brokers and agents now have the ability to provide their own estimating tools on their website. These numbers show consumers will visit their local agent websites to obtain these property reports.”
In essence, Kim explained, a home valuation widget helps the public find answers to this popular question, “What is my home worth?”
According to organic search results for Google, people are searching for websites that offer this service. In January, there were about 27,000 queries that asked “How much is my home worth?”
Variations of searches for home valuation widgets also generated a significant amount of activity. For the term “What is my house (or home) worth?” there were a combined 20,000 searches last month. Another variation, “Value of Home?” was asked 6,600 times.
The industry term for these home valuation estimator tools is referred to as an Automated Valuation Model (AVM). The AVM is a formula that gathers data from a variety of sources such as municipal records, historical sales data, geospatial coding, property attributes and other sources.
The machine-based calculations then provide a current estimate of the “Predicted Market Value” of a house based on data available at the time.
The result is only meant to be an initial estimate and is not as detailed as a formal Comparative Market Analysis or estimate from a licensed appraiser.
However, the home valuation widget is very popular with homeowners because it gives them a relative idea of the current value of their home, allowing them to compare their homes to others in the same neighborhood and to see pricing trends.
“This is a valuable tool for consumers. The AVM is a great way to start a conversation between agents and homeowners who may consider listing their homes for sale,” said Kim.
Brokers and agents are encouraged to add a lead form next to the home valuation results, stating “Request a Professional CMA” for those visitors who are interested in obtaining a more detailed evaluation of their property.
“The home valuation widget is a proven lead generation tool,” Kim indicated. “And now advancements in technology enable local brokers and agents to offer this powerful marketing feature just like the larger real estate portals.”
The AVM values are considered a guesstimate based on the age of the comparable information.
For that reason, Home Junction includes a “Confidence Range” of a plus or minus figure to give users parameters on the accuracy of the data.
In addition, Home Junction includes a pricing range, showing the High and Low estimated values.
To help homeowners see an overall picture of the market position of their property, Home Junction also provides a chart showing how that property compares to other homes in the neighborhood. That chart will report which percentage the property ranks in the area compared to others based on Size, Price, Price per Square Foot and Age of the structure.
“This home valuation data really helps to give an owner a snapshot of how their property matches up with others in their neighborhood,” Kim explained. “Perhaps our data shows that one particular property is in the upper 20% for square footage, but priced in the lower 30% for price per square foot. That’s important information that a homeowner should know.”
“Obviously, in the end, the value of a property will be determined by what someone is willing to pay for it,” said Kim.
“But as we continue to gather and compare data, our methodologies are becoming more accurate,” Kim said. “From our data, we can see consumers want this service. Brokers and agents would be smart to provide this feature on their website as a very effective way to generate leads and engage prospects.”
Home Junction is a national data aggregator of relevant real estate market data. That data includes:
School district boundaries such as attendance zones
School data such as student/teacher ratios
Recent home sales
Trends in home prices
Tax assessed value
Points of interest
Flood zone maps
Comparable sales in the area
The company provides a Real Estate Data API (Application Programming Interface) for website developers or a plugin which an agent can embed in their website to pull in all the property and neighborhood data they want for a particular listing or a neighborhood they are farming.
The data is not only available for county and zip codes, but is also available down to the neighborhood and subdivision level.
About Home Junction:
Based in San Diego, CA, Home Junction is a national real estate data technology company that specializes in hyper-local market data and boundary licensing provided by a custom Real Estate Data API (Application Programming Interface) or plugins. They also offer Multiple Listing Service APIs, and custom websites created with WordPress real estate themes and WordPress real estate plugins. The company provides an extensive number of data layers on home sales, neighborhoods, schools, school attendance zones, demographics, home value estimates, geospatial boundaries and other information.
The founders have a combined 50 years experience in data aggregation and real estate website development.
For more information contact Home Junction by calling 858-777-9533 x 151 or write help(at)homejunction(dot)com. The website is https://www.homejunction.com/real-estate-data-api/
National Marketing Executive
858-777-9533 x 151