How the Estimated Value Is Worked Out
- Bōde's Automated Valuation Model finds sold homes of the same type as yours with a similar number of bedrooms and bathrooms and a similar finished area, starting close by and recent, and widening the search only if it needs more sales.
- For apartments, sales in your own building or condominium plan come first.
- Each sold price is adjusted for the differences between that home and yours: size, bedrooms, bathrooms, parking and age.
- Sales that are closer, more recent and more like your home count for more. Unusually high or low prices are set aside.
- The Estimated Value is the middle of the weighted results, rounded to the nearest $1,000, shown with its low-to-high range and a confidence percentage.
The model is built on over 10 years of MLS® sold data and your home's property details. It re-runs whenever your details are saved, and the figure moves as new sales are recorded, so your Homeowner Dashboard keeps pace with your market. The Estimated Value is marked Beta, and the dashboard shows when it was last updated.
What the Confidence Percentage Means
The confidence percentage tells you how strong the evidence is: how many similar sales there are, how closely their prices agree and how alike they are to your home. A high percentage with a narrow range means the comparables point the same way. A lower percentage with a wide range means fewer or less similar sales; the figure is still the best available, and Bōdie can walk you through the comparables behind it.
When You See Not Enough Data
If your home's details are incomplete, the dashboard lists what's missing, such as bedrooms, bathrooms, square footage or year built, beside Edit Details. If there are too few similar sales nearby, it shows Not enough data rather than a weak number. Completing bedrooms, bathrooms, finished area and year built in Edit Details often resolves it. See How accurate is my Bōde home value estimate, and how can I improve it?
Is This an Appraisal?
No. An appraisal is a professional opinion of value prepared by a licensed appraiser who inspects your home, and lenders, estates and courts usually require one. The Estimated Value is a data-driven starting point for understanding what your home is worth and deciding when and how to act on it. See Should I get a home appraisal?
Ask Bōdie: Can you explain how my Estimated Value was worked out?