Suburb Summary (Standard SMS rate only)
Evaluate is able to locate the suburb in question but not the street or sectional scheme supplied. In each case the suburb summary is specific to the property type, i.e. free standing or sectional titles.
Summary for SUBURB (2009)
Highest Sale: R1,000,000.00
Lowest Sale: R150,000.00
Median Value: R575,000.00
If Evaluate cannot locate any information based on the information supplied, you will receive a message to say "
property not found". In these cases, we ask that you please
send us an email so we can investigate.
What do estimated value, high and low values and confidence rating mean?
Estimated value:
The price that Evaluate deems the property to be valued at in the current market.
High and Low value:
The upper and lower bounds of value that the property may sell for. This range takes into consideration certain unknowns to the prediction model such as additional renovations, general condition of property and extras or features that may increase or decrease the value of the property.
Confidence rating:
Confidence rating is determined by the level of input data is available to process for the applicable property and gives an indication of confidence that the estimated value is accurate within a 10% range of the actual value (being the value the property will sell at given the current market conditions). A high confidence indicates a high probability that the actual value will fall within a 10% threshold of the predicted value. A low confidence rating indicates that the actual value will fall outside of a 10% range of the predicted value.
How much does an Evaluation cost?
A
full evaluation costs just R30 and returns the last selling price of the property, when it was last sold, its estimated current market value, an indication of possible high and low end price range and the confidence score.
If Evaluate returns a substitute result i.e. a street, sectional title or suburb summary, you are charged R1.
If Evaluate cannot return any result, you are only charged the standard SMS rate.
How does Evaluate calculate the predicted value of the property?
Data is sourced from various reliable sources, such as the Deed's Office records of property transfer, and fed into a model that runs the following process:
1.
Segmenting the market: South Africa is broken down into smaller, more comparable components by area and price. This is important as it is known that the smaller the area being looked at, the more similar the properties will become in terms of price bands. Furthermore, properties in different price bands have different growth rates and those in the same price band grow at more or less the same rate.
2.
Determining growth rates: By examining repeat sales within the segments the model determines an average change in sale price over time. Any data that is too far removed from the "norm" is removed - preserving the model's accuracy - and ensuring that transactions that are not deemed to be representative of the “normal market” do not alter or negatively affect results.
3.
Fine tuning for influencing factors: The rates are then tweaked and adjusted to take macro-economic indicators that directly affect property prices and sales, such as interest rates and CPI, into consideration.
4.
Evaluating a property: The result of the above is a predicted current market value for the property investigated in real-time.
How accurate is Evaluate?
Thus far, Evaluate has estimated the value of over 4.5 million properties in South Africa.
The accuracy of the prediction will depend on the area, volume of real-estate transactions and consistency of values within the suburb. For example, 82% of homes in Bryanston have estimates, and based on the confidence rating, 75% of these estimates are accurate. Another example is the suburb of eBayi in Soweto which has estimates for 74% of its properties and 75% of these are accurate.
Evaluate's data and analytics teams are constantly improving the accuracy of the predictions as data becomes available. Every day, advanced computer algorithms explore streams of data, comparing each property with similar nearby properties while taking into account newly reported sales and suburb trends. Primarily the accuracy of any statistical model depends on sufficient available input data. Of course, no computer model will ever replace the final determination of the market value made by visual inspection of the subject property.
Should you have any queries regarding the service or a result you receive, kindly contact us on
help@evaluatenow.co.za.
