Welcome to Homezoop
Sellers set the price. Buyers determine value.
HomeZoop extracts the trends.
The HomeZoop Beta is now open!
The Velocity of the market as it pertains to your subject property. This means it will show you how HOT the market is near your requested property. The Velocity score is determined by these factors. All properties start at the score of 100 and get reduced if these things occur.
- The supply of active listings vs the supply of property under contract – if there are far more active listings than under contract the Velocity score is lowered
- The frequency of price reductions for properties in the report – the more reductions the lower the Velocity score
- The frequency of listings that did not sell – the more expired listings that occur the lower the Velocity score
- The higher the days on market, – the lower the Velocity score
- The list price to sale price ratio for sold properties – if there has been quite a few properties that have not achieved full price, the Velocity score is reduced
Property Match Score
Every agent must make decisions when it comes time to select COMPS. The Velocity report also selects COMPS for you and gives the properties a MATCH score. The match score is done very similar to how you a Realtor may choose a property. All properties are a match however not all properties receive a high score.
The report sorts by MATCH score with the intent of suggesting the possible best comparable properties for you and your buyer, and for you and your seller whether your client is RETAIL or an INVESTOR.
- If a property is the same style – it will receive a high match score
- Square footage – for every square foot above or below there is a very minor adjustment to the score
- Distance – for every 1/10 of a mile away from the subject property there is a very minor adjustment to the score
- Age – for every one year age difference there is a minor adjustment to the score
- Features – things like decks, patio, pools, lot size, bath count, bedroom count, will affect the match score
When an agent views a comparable record, they often have to quickly assess how the subject property compares.
All of this is actually noted on the the SMART RECORD.
To speed up your process when evaluating property, the SMART record actually calculates the difference in these major fields so you can quickly conclude if the subject property is inferior or superior to the comparable records.
- Larger or smaller in square feet
- If the lot size is larger or smaller
- If the age is significantly different
- If the subject property has better features than the other records
- If the other records have better features than the subject