RE/MAX International Inc. is testing a free property-valuation tool at its remax.com Web site that is based on a comparison with similar home sales in the same neighborhood.
The valuation tools do not provide an estimated value for a specific property, though they provide a price range based on the sale price of comparable properties.
Many other Web sites offer online home valuations, too, including ColdwellBanker.com, Zillow.com, Cyberhomes.com, and RealEstateABC.com, among others.
In beta testing since August, the RE/MAX tools offer a comparison of the five closest home sales in a given area and a price trend analysis for the surrounding area. Consumers can also choose to receive a Neighborhood Valuation Report that includes sale prices, school information and demographic data for the surrounding neighborhood.
Data for the valuation tools are compiled from home sales nationwide and aggregated from a variety sources, including county courthouse deed transactions. The data span a 14-month period and include about 60 million historical homeowner and mortgage records, dating back to 1981, according to the RE/MAX announcement.
The remax.com Web site draws an average of 2.7 million unique visitors a month.