www.findmeahome.com.au - WOW !!

[perky29]

I just got the email from Residex regarding their new website - will check it out later but it looks like it could be brilliant for an investor...

So what makes this site special to you?
1. FindMeaHome.com.au saves you time by displaying all properties which are listed for sale on the internet. It is the ultimate "Google" of residential property.
2. FindMeaHome.com.au gives you confidence as all properties listed on FindMeaHome.com.au have been independently priced by the Residex technology. This pricing technology is incredibly accurate as in better than 90% of the properties listed for sale, the Residex pricing range will be within 10% of the ultimate selling price.
The Real Estate Agent is able to comment on our value, but can't change it. The calculations use only our data other than where the agent amends our attribute data and we will then take account of these amendments.
3. FindMeaHome.com.au lets you find bargains as you will be able to compare the agents asking price against the Residex price range.
4. FindMeaHome.com.au gives you a fair go as interested buyers and sellers of a property can make comment as to inform or excite others about the property.
5. FindMeaHome.com.au lets you value any property in Australia for free There is a free facility on the site which will allow you to use our acknowledged best available analytical technology to work out the expected selling price of a property. There is a limit of 20 price estimates for each email address in any 12 month period so use wisely. This limit will be reduced to 3 in the next 6 months so have fun while you can.

David

 

[steveadl]

Had a quick browse. Defintiely a good idea, but like most of the prediction/analysis software - they often get it wrong eg. a house I believe would sell for $310-$330k according to them would sell for $269-290k.

Another one just says $396k+, so not a huge help to buyers. Another has a range of $269-316k which is quite a lot of room to move.

Even when you're paying for the information, the analysis software can get it wrong big time. I was trying to comprehend it myself the other day. Was looking at 2 houses next door to each other. Pretty much identical attributes according to the software info., in fact House A was actually better according to some of the stats ie. larger house, larger land, bigger frontage etc. Yet House B was given an estimated price 10% higher than House A. Go figure....

Just my two bob.

 

[letiha]

Well it can't be that great, just had a look on it for my place that is listed for sale and its not on their despite being on domain and realestate.com

 

[Alabex]

so the closer the rating is to 10 the better?

 

[Angelo]

I think like most software packages that predict price, there will always be inherent problems. There are way too many variables when it comes to appraising a home which will require the human eye as well as the ability to use common sense and judgment.

 

[keydefender]

I understand it is a beta version but I am sure they would use actual data they have on hand now but the pricing in off. I checked a house I just sold which is still listed and they were 80K under the selling price. And Another I just brought was 50K over the actual purhcase price.

 

[Peter_Tersteeg]

If they're using Residex to estimate the value of the property, that's useful, but it's not something that can be relyed on. Residex is a statistical estimate and has no knowledge of improvements to the property since the last sale. The data used for the estimate is often out of date as well.

Full Residex reports are useful as the list actual sales in the area which can help you do your research. The price estimate is useful as a guide only. Discrepancies of 10-20% (either way) are common.

One of the features of the site is it also allows you to purchase a Residex report from them for $90.

 

[The_Bludger]

Just checked a couple of homes I know are up for sale. Software is seriously flawed. Good idea though, bit it's not accurate.

 

[s_t]

Doesn't seem to have listings from realestate.com.au on it

 

[buzzlightyear]

Not one to be left out of the action, I looked at it for one property that I am contemplating. The residex report range indicated $484k to $527k. Fair enough, its listed for sale at $529k, but doesn't really give me any more information that I couldn't get from a few clicks around the net. Still pretty good function.

Anyway, I thought I would use the SMS valuer function for the same property. It gave the figure of $608k.

 

[NorwegianBlue]

Doesn't seem to work with Firefox 3.

 

[Jacque]

Looks similar to myrpdata which really is wildly innacurate in most cases, so much so that I gave up on it after a handful of estimations.
As others have already correctly pointed out, statistics alone cannot allow for such discrepancies as improvements, surrounding rezoning/planning changes and other anomalies. Far better to use humans as valuers/appraisors for these research jobs

 

[Yerfdog]

Their engineer are still working on those house pins on the map, all the PINS are out of range and not pointing at the right locations

 

[NedKelly]

It only shows about a third of the properties for sale in my area.