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

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.”

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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.

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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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