You can request a Realo estimate on this link
You can find more information about the Realo Estimate report on this link
What is the Realo Estimate®?
The Realo Estimate® is the expected sell price for an average house in a given neighbourhood and with certain characteristics (lot size, habitable surface, number of bedrooms and bathrooms,...). The estimate is a starting point to determine the asking price of a home and not an official appraisal. Realo Estimates® don't take into account the quality of recent renovations, used building materials, finishes and the originality of the building. That's why we recommend home seller to combine the Realo Estimate with an appraisal of their home by a Realo Partner. For future buyers and renters, we recommend visiting the home as it might help them understanding the difference between the Realo Estimate® and the actual asking price for that listing.
Accuracy of the Realo Estimate®
The accuracy of a Realo Estimate depends on the available data for a specific home. The more data we have, the more accurate our estimate will be. To help making our estimates more accurate, home owners can add details about their home on Realo.
How is the Realo Estimate® calculated?
To calculate the Realo Estimates®, Realo developped a complex system that uses publicly available data about homes (and neighbourhoods) and specific information homes provided by the owner or real estate agent.
The estimate is based on three types of variables:
- Information about the property itself like the habitable floor area, the number of bedrooms and bathrooms, the construction and renovation year, the energy efficiency and the presence of a pool or sauna.
- Information about the neighbourhood, like the average selling price of properties in the past year / months and the average price per square meter land
- Information calculated by Realo like the M Score (mobility score) with the distance from the property to public transport, schools, highways, etc.
For some properties the difference between the Realo Estimate and the asking price is bigger. There are multiple possible reasons:
-
the property needs to be renovated
-
the property has just been renovated and/or has a finishing that's above average
-
the property is atypical within the neighbourhood
-
there aren't enough relevant data points in the neighbourhood
-
the property has special characteristics, for instance, exceptional architectural qualities
Updating the Realo Estimate® of your home
The more information we gather about a home, the more precise our Realo Estimate of that home will become. That's why we encourage home owners to provide more details about there properties by claiming their home on Realo and adding the number of bedrooms, bathrooms, construction year, etc. The impact of the added information on the recalculated estimate depends on the weight of each variable in the Realo Estimate formula.
The impact of the added information on the recalculated estimate depends on the weight of each variable in the Realo Estimate formula.
Realo Estimates® for real estate agents
Real estate agents sometimes receive questions about the Realo Estimate. Agents who know the Realo Estimate can explain its strengths and weaknesses and thereby highlight their own expertise.
Every day, tens of thousands of users visit Realo. Most of them are aware that the Realo Estimate is an indication of the price a home could sell for. Some buyers and sellers, however, insist on the Realo Estimate being used as a selling price.
In such cases, sharing more information about the Realo Estimate is crucial. Real-estate agents are experienced in explaining the real-estate market to prospective buyers and sellers. This experience helps in explaining the Realo Estimate as well. Armed with information about the accuracy of the Realo Estimate and the algorithm powering the Realo Estimate, a real-estate agent can illustrate how the Realo Estimate is a good starting point, but should not be used as the only source to decide on a selling price.
If a buyer shows interest in a home, it might be helpful to check the Realo Estimate of that listing in advance and anticipate on the questions the buyer might have.
The accuracy of a Realo Estimate depends on the available data for a specific home. The more data we have, the more accurate our estimate will be. To help making our estimates more accurate, home owners can add details about their home on Realo.
How is the Realo Estimate® calculated?
To calculate the Realo Estimates®, Realo developped a complex system that uses publicly available data about homes (and neighbourhoods) and specific information homes provided by the owner or real estate agent.
The estimate is based on three types of variables:
- Information about the property itself like the habitable floor area, the number of bedrooms and bathrooms, the construction and renovation year, the energy efficiency and the presence of a pool or sauna.
- Information about the neighbourhood, like the average selling price of properties in the past year / months and the average price per square meter land
- Information calculated by Realo like the M Score (mobility score) with the distance from the property to public transport, schools, highways, etc.
For some properties the difference between the Realo Estimate and the asking price is bigger. There are multiple possible reasons:
- the property needs to be renovated
- the property has just been renovated and/or has a finishing that's above average
- the property is atypical within the neighbourhood
- there aren't enough relevant data points in the neighbourhood
- the property has special characteristics, for instance, exceptional architectural qualities
Updating the Realo Estimate® of your home
The more information we gather about a home, the more precise our Realo Estimate of that home will become. That's why we encourage home owners to provide more details about there properties by claiming their home on Realo and adding the number of bedrooms, bathrooms, construction year, etc. The impact of the added information on the recalculated estimate depends on the weight of each variable in the Realo Estimate formula.
The impact of the added information on the recalculated estimate depends on the weight of each variable in the Realo Estimate formula.
Realo Estimates® for real estate agents
Real estate agents sometimes receive questions about the Realo Estimate. Agents who know the Realo Estimate can explain its strengths and weaknesses and thereby highlight their own expertise.
Every day, tens of thousands of users visit Realo. Most of them are aware that the Realo Estimate is an indication of the price a home could sell for. Some buyers and sellers, however, insist on the Realo Estimate being used as a selling price.
In such cases, sharing more information about the Realo Estimate is crucial. Real-estate agents are experienced in explaining the real-estate market to prospective buyers and sellers. This experience helps in explaining the Realo Estimate as well. Armed with information about the accuracy of the Realo Estimate and the algorithm powering the Realo Estimate, a real-estate agent can illustrate how the Realo Estimate is a good starting point, but should not be used as the only source to decide on a selling price.
If a buyer shows interest in a home, it might be helpful to check the Realo Estimate of that listing in advance and anticipate on the questions the buyer might have.
