With homes fetching record median prices across Oahu, some homeowners may be wondering just how much their homes are worth. Whether or not you are thinking of selling your home, it’s important to have an idea of your home’s value. The equity you have in your home could be used to purchase a new home, upgrade your current home or even finance other life expenses.
Most people are familiar with national real estate websites that pro- vide an instant home value estimate. The trouble with these sites, however, is that they were created for mainland markets and are not well-suited for Hawaii’s unique market.
How is the Locations Home Valuator Different?
Unlike those national home valuator tools, which use ZIP codes to come up with their estimates, the Locations Home Valuator was specifically designed to use neighborhood boundaries. ZIP codes work just fine to determine values on the mainland, where neighborhoods tend to be larger and more homogenous in terms of housing types. However, on Oahu, ZIP codes cover too many (and often dissimilar) neighborhoods to produce an accurate home value estimate.
Take one of the island’s most densely populated ZIP codes, 96816, for instance. Stretching from Kapahulu to Kahala, this ZIP code includes everything from condos priced below $200,000 to sprawling beachfront estates that can command tens of millions of dollars. Clearly, no automated tool, no matter how sophisticated, can generate an accurate home estimate for a ZIP code as varied as this one.
In our studies, the values provided by the Locations Home Valuator were within 10 percent of actual sold prices 94 percent of the time, whereas the leading national website’s estimates were only within 10 percent of sold prices only 83.7 percent of the time.
Powered by the same technology used by institutions like Freddie Mac, Fannie Mae and Bank of America, the Locations Home Valuator uses 27 data points to determine home value estimates. Because this state-of-the-art technology is continuously updated, you can rest assured that your home’s estimate is the most accurate for Hawaii’s market.
How do I use the Locations Home Valuator?
Anyone can use the Locations Home Valuator. Simply visit LocationsHawaii.com/LHV and enter your address. If you don’t have a free LocationsHawaii.com account already, you’ll need to take a minute to create one.
In addition to your home estimate, you’ll see a low- and high-end value, past quarterly estimates, nearby sales and a confidence rating.
You can also choose to receive monthly or quarterly updates on your home’s value, delivered to your inbox.
No online tool can replace your REALTOR®
Finally, it’s important to keep in mind that even the Locations Home Valuator can’t replace the expertise of an experienced REALTOR®.
Home attributes that may affect the accuracy of an automated valuation include: waterfront, luxury homes, large lots that offer the possibility of expansion, extensively upgraded interior features, single-family Condo Property Regime (CPR) homes, penthouses, and condo buildings with widely varied view planes.
So, don’t wait to find out how much your home is worth by visiting LocationsHawaii.com/LHV. Then contact your Locations agent for a more detailed home value analysis.