Real estate search site ForSaleByOwner.com has launched a paid service that estimates a home’s value for potential homebuyers and sellers, the site announced today.

The site’s Real-Time Home Value Estimator generates individual property reports that include price information for comparable homes that are under contract, have been recently sold, and are for sale. Users have the option to exclude pricing data from foreclosures and other distressed properties.

They can also adjust value according to factors such as neighborhood popularity, quality of school district, and property amenities, the company said.

"For … $40, homeowners can get the information they need to decide if they can afford to sell, and if so, for how much. This is also a powerful tool for buyers, who can quickly get a valuation snapshot that positions them to make a strong offer likely to be accepted," said Eddie Tyner, general manager of ForSaleByOwner.com, in a statement.

The tool also graphs the relationship between asking price and selling time, so users can see how long it takes for a comparable home to sell at certain price points. Users thinking of remodeling can also see how much certain home improvements would add to their homes.

The tool is powered by RELAR, a product of valuation company CDR Business Solutions LLC. RELAR pulls data from public records, multiple listing services, and other sources.

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