ATLANTA, GA (October 7, 2014) – Berkshire Hathaway HomeServices Georgia properties introduced a new feature that allows consumers to enter an address to “click and see” local home value estimates on over 1200 company and agent websites. The estimates are free and do not require registration. The company is also introducing a new market trends report called Market Watch (based on MLS data) and a new Interactive AVM (Automated Valuation Model) report which is the same report used by lenders to estimate home values for mortgages. Visit BHHSGeorgia.com to see a local home value.
These new and innovative solutions are provided in partnership with Reliance Network and Collateral Analytics. Reliance Network specializes in integrated technology solutions for the real estate industry. Collateral Analytics develops analytic products and tools to support financial institutions, retail and institutional investors and real property capital market activities.
Home values estimates have become popular on national real estate websites like Zillow.com, Trulia.com and Realtor.com. The accuracy of these estimates is very mixed as the data is primarily based on tax records. The home value estimates provided by Berkshire Hathaway HomeServices Georgia Properties are powered by Collateral Analytics which has been rated as one of the most accurate sources by the lending industry. This report shows a value estimate, value range plus other data from tax records such as last sale price and date, comparable properties and local market trends.
The Market Watch report includes local MLS data for a more accurate perspective of local market trends. If a property was sold yesterday, it would be reflected in this report as opposed to reports based on tax records which may take weeks or months to update. The next release will add the option to draw a local area using a polygon tool. Consumers will be able to narrow their report to micro-local areas such as a subdivision. To view a Market Watch report, consumers can register for a free My Home Finder account. Only member brokerages and their registered clients can get access to local MLS data.
The new Interactive AVM (Automated Valuation Model) report is the same report used by lenders to estimate home values for mortgage loans. The I-AVM allows the agent to adjust comps and other factors for a more accurate value estimate. This powerful tool can combine MLS data, tax records and the unique insight from the local agent. The I-AVM is only available from your local Berkshire Hathaway HomeServices Georgia Properties agent.
“It is clear that consumers want to see home value estimates and we are pleased to be the first brokerage in Metro Atlanta to provide these innovative new solutions,” said Dan Forsman, president & CEO of Berkshire Hathaway HomeServices Georgia Properties. “Real estate is local. We have the advantage of proprietary MLS data, exclusive analytics tools and unique insight from our 1200 local experts. These powerful new tools will bring significant advantages that benefit our clients and our agents. And we are just getting started! Look for more exciting announcements very soon.”
Berkshire Hathaway HomeServices Georgia Properties is also announcing their plans for additional new releases in late 2014 and early 2015. Version 2 is expected to include multiple value estimates including a Zestimate from Zillow.com, a consumer calculator that allows consumers to adjust their values and a historical value trends chart that shows changing value estimates over time. Version 3 is expected to display home values on a map to more easily navigate and view values in local communities.