Sometimes you only need the comps: a value check before an offer, support for a lender, or a second opinion on an agent's price. Until now, comps lived inside the analyzers. Price Estimate is now its own tool in the dashboard sidebar.
Every nearby sale, not only the near-twins
Until now, comps were the handful of listings most similar to your house, at their asking prices. Now REIzer also pulls every recorded sale within a mile in the last 12 months, at the price on the deed, whatever its size or bedroom count.
Each sale is adjusted to your property. A 4-bedroom, 1,900 sq ft house that sold near your 2-bedroom, 1,191 sq ft house is adjusted down $5,000 for the two extra bedrooms and $35,450 for the extra 709 sq ft, at the default rates. A 1-bedroom is adjusted up. The 15 most comparable sales after adjustment set the value.
Some recorded sales are set aside, each with its reason:
- your own property's past sale
- a condo or duplex next to a house
- a $10 family transfer, or a sale far below every other price on the street
- a sale with no living area on record, which can't be compared
- sales from another ZIP, when yours has enough of its own, so a pricier district a few blocks away doesn't pull the number up
- a flipper's purchase: when a house sold and then resold well above that price within a year, the first sale was the before-renovation price. It's set aside and the resale is marked renovated.
The same sale recorded twice, such as one deed filed under two city names, counts once. A listing only carries its asking price, so when enough recorded sales are nearby, listings whose sale isn't recorded yet are set aside too. A house listed at $250,000 that closed at $276,000 would otherwise count at its asking price. You can bring any set-aside sale back.
A report you can hand to someone
The report opens with the estimate, the middle half of the adjusted prices, the renovated sales and an independent automated estimate side by side, and three short notes on what stands out. Then:
- a chart of every nearby sale by how recently and how close it sold, with the comps used numbered
- each comp's sale price next to its adjusted price, colored by bedroom count
- the comps, each with its line-by-line adjustments and its weight in the estimate
- every sale that was looked at, grouped into used, less comparable and set aside, with the reason
- the method, the rates used, and how the value changes under other rates
Start typing an address and pick it from the suggestions; the map pins it before you estimate. Every change you make in the adjustment grid shows how much it moved the estimate. Print the report, or save it as a PDF from the print dialog.
In the analyzers too
The comps panel in every analyzer uses the same larger pool. Its map has a new Adjusted view: each price tag shows what that sale says your property is worth after adjusting. A Full report button opens the same comps in Price Estimate, with your condition ratings included, and does not use another comp pull.
It is a software estimate built from public records and listing data, which is why we call it a price estimate: it is not an appraisal and was not prepared by a licensed appraiser.