What is an eppraisal?
An eppraisal is an estimated market value of a property, which is calculated based on recent sales of similar properties. In addition, an eppraisal report includes detailed property information, analysis of the surrounding area, and comparable properties.
How is an eppraisal value calculated?
We use up to 20 properties to calculate an eppraisal. We use a proprietary mathematical formula which takes into account each property’s characteristics and recent property sales in the area. Using these factors, we calculate a value range.
The information you have on my property is incorrect. Is it possible for me to change it?
You can email us your address and property information for review/update (via our contact form). We will check County records to validate that our records match and update accordingly. Please note that this may not update your eppraisal estimate.
How can an eppraisal be used?
An eppraisal can be used as a starting point when seeking to determine how much a house is worth. However, we recommend that you consult with a real estate professional to obtain a real-world value on the property you are interested in.
How do you arrive at a value range?
The value range will depend on how much data we have for the properties used in the calculation. The more data we have, the tighter the value range will be.
How current is the data in your database?
Our data is cultivated from a variety of sources. The majority comes from public records. Since each county keeps its own public records, we are dependent on the entry speed of each county. We then need some time to retrieve and compile the thousands of new documents submitted to public records. Keeping that all in mind, a real estate transaction which took place yesterday will not be in public records today, and a transaction which was entered into public records today may not be reflected in our database tomorrow.
Why is there no estimated value on my property?
This may be because the data needed to calculate a value is not available. For instance, if there is no square footage, #beds, and #baths available for the subject or similar properties, then we will not be able to calculate a value. To find out more information about this property, please consult a local real estate professional.
How do you decide which comps to use to estimate the value of my home?
Our eppraisal engine is designed to evaluate your property against similar properties with like features. For example, the system will only evaluate a 4 bedroom house against other 4 bedroom homes in the area (if available). In addition, we have set rules in place to only evaluate recent sales that are the closest in proximity to your home
Why are there no comparable properties for the address I am viewing when properties have sold in the area recently?
As stated above, we try to match your property to the most "like" properties in the area. These rules give our engine better accuracy and relevance, but sometimes we will not be able to find comparable properties that meet these strict rules. In these cases, we will defer to local real estate professionals to assist us with evaluating your property.
I just completed a renovation of my home. Will that affect my eppraisal estimate?
Renovations will not be taken into account when estimating the value of your home. If you have added rooms or square footage and it is not recorded in public records then we will not see it in our database updates. However, if it the renovation was recorded then we may be able to pick those additions up in our database updates, which would then affect your eppraisal.
Where do you get your data from?
Our data is compiled from county public record systems throughout the 50 states as well as several mortgage and title data sources. Each county sets limitations on what data is available in public records; therefore we are also limited in what data we can provide you.
Why is the estimated value range too low or too high?
One explanation of this is that you live in a non-disclosure state. A non-disclosure state means that the state does not allow sales data to be on public record. Therefore, we estimate the sales price using other data indicators. These indicators will not be as accurate as having an actual sales price.
- AK Alaska
- ID Idaho
- IN Indiana
- KS Kansas
- LA Louisiana
- MS Mississippi
- MO Missouri
- MT Montana
- NM New Mexico
- ND North Dakota
- SD South Dakota
- TN Tennessee
- TX Texas
- UT Utah
- WY Wyoming