Hawaii Life Launches Value Scores – Grading Prices of Property for Sale in Hawaii
If you’ve been searching HawaiiLife.com today, you may have noticed an all new detail page. We’ve been serving the page about 25% of the time, and hope to have it 100% live early next week. If you aren’t one of the lucky 25%, you can have a peek of the new page at this example Anini property.
Looking past the cool new design and social media integration, what I’m most proud of is our “Value Score” which is still in beta.
What’s a Value Score?
HawaiiLife’s Value Score is a grade given to a property’s asking price. Our score differs from a valuation like a Zillow Zestimate in that we do not try and assess a property’s price. We made this decision not to provide a valuation because Zillow already does an excellent job of this, and we will be adding their Zestimate to our detail pages in the coming weeks through their API.
In this example property that we’re looking at, the grade given to this Anini beachfront home is a 93/100. To the right of the Value Score we provide some other useful data, including:
- Price/assessed ratio
- Living area price/sq ft
- Land area price/sq ft
- Year built
- Days on market
In each case, we provide the average of the homes we are comparing as well as a percentage, up or down, as to how the property in question compares to that average. In the coming months we will be providing the ability for:
- Consumers to create value scores based on a set of comparable properties of their choice.
- Agents to verify value scores by setting the comparable properties manually.
We’ve tried to emulate much of the data a local expert would provide you during your home search. Of course it’s not as good as working directly with a Realtor, but we feel that it’s great info for both buyers and sellers. Enjoy.
Justin - Head Web Head
September 7, 2011
National real estate site, Trulia, announced their Trulia Estimates today. Hey, are they copying us? No, they’re providing a valuation similar to Zillow’s Zestimate. If they provide an API, we’ll probably use their valuation as well.
Justin - Head Web Head
September 7, 2011
National real estate site, Trulia, announced their Trulia Estimates today. Hey, are they copying us? No, they’re providing a valuation similar to Zillow’s Zestimate. If they provide an API, we’ll probably use their valuation as well.
Justin - Head Web Head
September 8, 2011
We’re now serving the new detail page about 75% of the time. So most of you should be seeing it now.
Justin - Head Web Head
September 8, 2011
We’re now serving the new detail page about 75% of the time. So most of you should be seeing it now.
Beth Thoma Robinson, R(B)
September 9, 2011
Justin, I just incorporated a reference to our score into my latest blog post about whether two oceanfront foreclosures are good values.
BTW, Zillow’s zestimates are useless for my market. The good news is that, as with assessed valuations, they often look so strange they prompt questions so I can have a GENUINE conversation about value with a customer or client.
Beth Thoma Robinson, R(B)
September 9, 2011
Justin, I just incorporated a reference to our score into my latest blog post about whether two oceanfront foreclosures are good values.
BTW, Zillow’s zestimates are useless for my market. The good news is that, as with assessed valuations, they often look so strange they prompt questions so I can have a GENUINE conversation about value with a customer or client.
Joe
September 9, 2011
Zestimates? They are so inaccurate they are useless. And try to explain to a seller why their Value Score is 50, that’ll be a fun conversation. I dig the innovation but dont think it will be executed well.
Joe
September 9, 2011
Zestimates? They are so inaccurate they are useless. And try to explain to a seller why their Value Score is 50, that’ll be a fun conversation. I dig the innovation but dont think it will be executed well.
Are Trulia Estimates Too Little, To Late? | | GeekEstate BlogGeekEstate Blog
September 9, 2011
[…] It’s no secret that home buyers use multiple websites when searching for property, as I did in my example above. And there is no doubt that this move is aimed directly at Zillow’s Zestimates. What this does for Trulia is provides their users with a reason not to leave their site. Smart move? Yes, and the same reason we’ve launched Value Scores on HawaiiLife.com. […]
Are Trulia Estimates Too Little, To Late? | | GeekEstate BlogGeekEstate Blog
September 9, 2011
[…] It’s no secret that home buyers use multiple websites when searching for property, as I did in my example above. And there is no doubt that this move is aimed directly at Zillow’s Zestimates. What this does for Trulia is provides their users with a reason not to leave their site. Smart move? Yes, and the same reason we’ve launched Value Scores on HawaiiLife.com. […]
Matt
September 9, 2011
Joe- Thanks? I guess it’s an “innovation”, but the beauty of the Value Scores is that they’re arrived at by using DATA. Data which, by the way, is all public record. So, we’re not actually showing anything new… we’re just using a little tool to (subjectively) summarize it all.
Some sellers (even our own clients) will have low Value Scores because their property is over-priced, or because their price per square foot is very high, etc. We’ve already had that “fun” conversation with them. They get it: you can’t hide the data.
Matt
September 9, 2011
Joe- Thanks? I guess it’s an “innovation”, but the beauty of the Value Scores is that they’re arrived at by using DATA. Data which, by the way, is all public record. So, we’re not actually showing anything new… we’re just using a little tool to (subjectively) summarize it all.
Some sellers (even our own clients) will have low Value Scores because their property is over-priced, or because their price per square foot is very high, etc. We’ve already had that “fun” conversation with them. They get it: you can’t hide the data.
Justin - Head Web Head
September 10, 2011
@Joe – As an overall, we already know that in Hawaii our Value Scores are being executed more accurately than Zestimates. if you find any Value Score that isn’t executed well, please let us know so we can improve.
Justin - Head Web Head
September 10, 2011
@Joe – As an overall, we already know that in Hawaii our Value Scores are being executed more accurately than Zestimates. if you find any Value Score that isn’t executed well, please let us know so we can improve.
Justin - Head Web Head
September 12, 2011
Please note: we are having trouble getting assessed data from our Maui feed. This means that Value Scores for Maui are not using price/assessed values in their algorithm. For this reason they are not as accurate. We are working to fix this issue as fast as we can. Thank you for your patience.
Justin - Head Web Head
September 12, 2011
Please note: we are having trouble getting assessed data from our Maui feed. This means that Value Scores for Maui are not using price/assessed values in their algorithm. For this reason they are not as accurate. We are working to fix this issue as fast as we can. Thank you for your patience.
Mahana Dunn (RA)
September 14, 2011
I love Hawaii Life and the genius behind “smarketing”. Thanks to all our wonderful web wizards who are pioneering the cyber real estate future!
Mahana Dunn (RA)
September 14, 2011
I love Hawaii Life and the genius behind “smarketing”. Thanks to all our wonderful web wizards who are pioneering the cyber real estate future!
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[…] views. 35 Waonahele is proudly listed and represents strong value at $1,250,000. In fact, the Hawaii Life Value Score System rates 35 Waonahele the highest score possible of […]
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[…] views. 35 Waonahele is proudly listed and represents strong value at $1,250,000. In fact, the Hawaii Life Value Score System rates 35 Waonahele the highest score possible of […]
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[…] The Hawaii Life Value Score grades 20 Puu Huna St. as a 97 out of a possible 100 points. View the property listing details. It is important to note that inventory levels in all of Maui, and even more specifically for residential homes in all of Ka’anapali, have shrunk drastically since this same point last year. […]
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[…] The Hawaii Life Value Score grades 20 Puu Huna St. as a 97 out of a possible 100 points. View the property listing details. It is important to note that inventory levels in all of Maui, and even more specifically for residential homes in all of Ka’anapali, have shrunk drastically since this same point last year. […]
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[…] price of $525,000 down from $649,000 when we originally listed this beautiful custom home site. The Hawaii Life Value Score grades this property as a 90 out of a possible 100 points, and I would argue that with inventory […]
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[…] The Hawaii Life value score grades 164 Ulumalu Rd. as a 91 out of a possible 100 points – anything above a 90 I consider to be a pretty strong buy, but I contend that the value of this property in today’s market is higher than this algorithmic score would indicate. […]
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[…] The Hawaii Life value score grades 164 Ulumalu Rd. as a 91 out of a possible 100 points – anything above a 90 I consider to be a pretty strong buy, but I contend that the value of this property in today’s market is higher than this algorithmic score would indicate. […]
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[…] #202 is rated a 94 out of a possible 100 on the Hawaii Life Value Score. Generally speaking, anything above a score of 90 represents strong value and is priced to sell. At […]
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[…] of Hokulani #220 Hokulani #220 is rated a 94 out of a possible 100 on the Hawaii Life Value Score. Generally speaking, anything above a score of 90 represents strong value and is priced to sell. At […]
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[…] of Hokulani #220 Hokulani #220 is rated a 94 out of a possible 100 on the Hawaii Life Value Score. Generally speaking, anything above a score of 90 represents strong value and is priced to sell. At […]
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[…] Deals at Honua Kai? 1. Hokulani #220 my listing (MLS# 353980) is a 94 out of a possible 100 on the Hawaii Life Value Score. Generally speaking, anything above a score of 90 represents strong value and is priced to sell. At […]
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[…] Deals at Honua Kai? 1. Hokulani #220 my listing (MLS# 353980) is a 94 out of a possible 100 on the Hawaii Life Value Score. Generally speaking, anything above a score of 90 represents strong value and is priced to sell. At […]
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