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Homes.com launches automated valuation model (AVM), aims to please Realtors

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Homes.com launches the AVM

The battle of estimated home values has created quite a headache for the real estate industry and Realtors are familiar with the “but so and so website says my home is worth 25% more than what you say I should list it for” conversation.

Did you catch in the video above that they said they aim to be “the most agent friendly home value estimator on the web?” That’s a very lofty goal given the history of AVMs.

How will Homes.com meet this goal?

The first to use Bing Maps 7 with the unique bird’s eye view, the new AVM is made possible by partnering with “proprietary, automated valuation model from SmartZip Analytics, Inc” which “has valuable information about the property, including estimated value over time, last sold date and price, and a mortgage estimate” as well as “information on nearby homes for sale and recently sold properties.”

Homes Media Solutions Marketing Director, Patty McNease told us, “We have taken a slightly different approach in the industry with our launch of our Home Values by concentrating on maximizing connections between consumers and real estate professionals.”

Tom Glassanos, president and CEO of SmartZip Analytics said, “We are excited to partner with Homes.com to bring them our objective assessment of fair market values on over 75 million homes across the U.S.”

Jason Doyle, VP of Homes.com said, “The launch of Home Values and the unveiling of our new brand are the first of many upcoming developments at Homes.com designed to connect more consumers visiting Homes.com with our preferred local professionals.”

While several real estate search sites launched as consumer facing and initially ignored the Realtor population, Homes.com has seen how badly that fails and the backtracking eventually required, so we believe they’ve set out to provide consumer value while promoting the real estate industry- what a novel approach.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

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53 Comments

53 Comments

  1. jay real estate

    May 23, 2011 at 7:38 am

    So I assume they are going to sell zip codes??? Or offer the inquiries to those signed up for the areas like questions with Trulia. The challenge there is the agent who promises the highest price often is liked more by the Seller who doesn't realize they're being played. I see some top listing agents operate this way.

    My most recent transaction with Zillow had my buyer freaked out at the zestimate of 568,000 when the home was listed at 645,000. 2 full priced contracts so Zillow was a bit off on its market value eh?

    j

  2. David Hoegerman

    May 23, 2011 at 8:58 am

    The tool can be accessed at https://www.homes.com/Home-Prices/

  3. John Perkins

    May 23, 2011 at 7:41 pm

    Good article and assessment. Not a bad video considering how much Zillow has messed things up. However, the public see's these prices and get fixated on them as though the property they own will garner the same price. No Bueno!
    But there's two sides to this and the other one is information is power…. so if Homes does this right and really pushes for professionals in the area to be listened to, that wouldn't be so bad. I liked what they said in the beginning of the video (starting point).

    With the market still fluctuating and the over 800,000 foreclosures still in the waiting room I guess we'll see how valid this service is to agents.

  4. Joe Loomer

    May 24, 2011 at 3:42 am

    In our area, inputting property into the MLS requires an opt-in to allow AVM (or not). 70% of the agents I speak to have no clue what the heck it is.

    Navy Chief, Navy Pride

  5. stephanie crawford

    May 31, 2011 at 2:06 am

    It's a slick little interface. I like it. However, Homes.com Q&A is horrific. I get notifications for the most random questions. Anybody else have that issue?

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Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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