Realist Value tool available at Lake Chelan!

Real Estate Agent with Criterion Properties
The Realist value tool is now available at Lake Chelan. Only NWMLS members have access to it. The Northwest MLS (NWMLS) recently added a tool to their members' arsenals in the Realist ValueMap Tool. This tool provides a map and valuation estimation of a home by address, and the estimated value of surrounding homes! So, I was playing with the tool this morning. Since there was a new short-sale on the MLS in Chelan Hills that looks interesting, I put in that address to see what it came up with. MLS number 996840 is at 308 Butte Road in Chelan Hills. On the listing, it is 3 bedrooms and 2 1/2 bathrooms on .22 acre. This property is listed at $289,000. The ValueMap estimated the value of this home at $313,000. It listed it at 2 bedrooms, 1 bathroom and only 1422 square feet but did have the lot size correct. If the home has been remodeled since its last sale to add additional space, the value could be low. I did value maps on other properties I know had major remodels and the ValueMap did not seem to include the remodels. The ValueMap data continued with a table below the image above of values of nearby homes. If there were homes listed on the NWMLS in the area, those and their list prices would show as well. ValueMap calculates its estimations combining NWMLS listing data with First American CoreLogic’s industry leading automated valuation model. The feature includes an address search, displays RVM valuations for neighboring homes, and flags current listings and recently sold comparable homes. An RVM is a home valuation tool that displays an estimated market value that is computed using a statistical formula. By my look, it is far from foolproof, but it is still useful. Other items that are available are Market Trends, showing historical median sales price in the area, and notifications of sales of homes in the area. This is another input for both sellers and buyers to understand when they are considering a transaction on a home. Anyway, it is a fascinating tool and Criterion Properties is one of the few places in the Lake Chelan area that has access to it.

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