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Online Property Valuation Site Reviews (#1)

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RESOURCES - Online Property Valuation:
Online property valuation tools need to be treated with caution because none of them are 100% accurate.
Our guide to online property valuation tools comes in 3 parts and takes a critical look at the 3 major online valuation services available.
In this article we take a look at the Hometrack "Online Valuation & Detailed Market Report" which is available from their website.
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   Online Property Valuation Provider

Hometrack is one of the leading AVM (Automated Valuation Model) operators, providing online property valuation to over 70% of the UK's mortgage Lenders.

Established in 1999 they provide in-depth, up-to-date analysis of house prices and market trends in England & Wales.

Hometrack also provides systems, information & online property valuation data to Central Government, Social Landlords, Local Authorities, house builders, investors, estate agents & financial institutions

What is an "AVM"?

In a nutshell an "AVM" is "property valuation by computer".

Hometrack's AVM analyses a variety of data from a variety of sources, these include:

  • Surveyors
  • The Land Registry
  • Ordnance Survey
  • Comparable sales prices
  • Property characteristics
  • Historical property price appreciation data from Hometrack's own house price index (this is compiled using its database of six million properties in England and Wales).

All this makes their AMV one of the most accurate online property valuation tools of its kind in the UK.

Inside their Online Property Valuation Reports

Their online property valuation reports contain information that will tell you:

  • The estimated current market value of your property.
  • The confidence level and accuracy of the online property valuation figure.
  • How many weeks it should take to sell your house.
  • How many viewing it should take for you to sell your home.
  • How much "buyer demand" there is for your property.
  • What house prices have been doing in your area (for your kind of property).
  • What percentage of the asking price sellers are achieving.

Is their Online Valuation Report Useful?

When their data is accurate it's worthwhile information to have because:
  • When you're selling property an independent valuation can help you spot when an estate agent is trying it on.
  • When you're buying, it can help to stop you from overpaying for a property.
  • The market data gives you a fairly decent snapshot for your local property market as it relates to your property.

It's only recently that this information has become available to the general public. It helps you take control of your sale and reduces your dependence on estate agents.

Hometrack Online Property Valuation - Conclusion

So that we don't upset anyone too much, we must point out that our opinions of this online property valuation tool are based on our own personal and limited experiences - not rigorous scientific testing!!

If out of curiosity you do decide to buy one of their reports, please don't rely solely on their suggested valuation figure.

After all it is just a computer program. Its accuracy can never be guaranteed.

To set your sale price, at least seek the opinion of a reputable local estate agent and if possible do a little of your own research too.

If you need some help with this, read our guide to working out how much your house is worth.

As a final word I'd just like to say that the lack of quickly accessible accurate information is one of the most frustrating aspects of the UK property market.

The Hometrack online property valuation report does at least start to address this.

Visit: The Hometrack Website

RESOURCES - Online Property Valuation:

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