What is your HonestDoor Price?
- May 31, 2022, 4:52 a.m.
Squamish.RealEstate attempts to display the HonestDoor Price for each property located in Squamish, BC. The HonestDoor Price uses millions of data points to determine the current market value of a residential home. There are many factors that go into the price of a home, from what is inside to what is nearby, like schools, parks and grocery stores. As well, the age of construction, building materials and land size contribute to the final result. The process of using artificial intelligence to determine the price of a home is referred to as an Automated Valuation Model (AVM). When you try to establish which AVM is superior, you can use the “Median Error Rate” or the middle value of all the numbers if they were lined up in ascending order.
For the HonestDoor Price, the overall median error rate for 3.5 million homes is 1.8%. In comparison, Zillow’s Zestimate has a median error rate of 1.9% and Redfin’s Estimate is 2.19%. Another way to explain what this means is for every active listing that sells, the HonestDoor Price will be within 1.8% of the purchase price half of the time. The median error rate for homes that are not for sale is more challenging to calculate and each AVM will tackle this equation differently, so comparing the results is more difficult. The point is that HonestDoor has more data points for each property currently listed for sale, helping them achieve a better Price accuracy. With a goal of always improving, HonestDoor allows homeowners to update their property data which helps the precision of the stated Price. To learn more, visit HonestDoor.com Squamish.RealEstate updates the HonestDoor Price on a monthly basis