AI technology is now helping people looking to sell their home by using image recognition and optical analysis to give the most accurate online property valuations available, unlike websites that can share property estimates which are off.
And it could save you thousands of pounds as research has revealed that the average online valuations are off by 13% – an average of £70,000 in London and £38,000 across the rest of the UK.
Property platform Homemove has launched its new valuation tool “Homer” which uses over 20 data points and then visually analyses key property features from uploaded images, scanning for everything from structural damage, clutter, untidy rooms, and even outdated interiors.
Developed to tackle the issues many face in an increasingly difficult to navigate housing market, Homer can assess everything from last sold prices to new extensions and energy ratings and help sellers understand how they can attract more buyers.
The research went on to reveal that 18% of online valuations were overestimated, 7% were underestimated and a quarter of prices were out by more than 10%.
Nearly 1 in 7 of us are seeing our properties overvalued or undervalued by 20% or an average of £56,000. And for 3% of properties, the online valuations were off by more than £200,000 from the actual listing price.
The visual inspection from Homer captures the nuances of a home’s value, giving sellers a more comprehensive understanding of its real worth.
Here are top tips on the biggest things to avoid when selling your home including:
- Poor Maintenance: Overgrown landscaping, chipped or peeling paint, broken windows, rusted gutters, and visible mould/mildew can be indications of neglect. These visual clues might suggest to potential buyers that the house may have other, unseen issues due to lack of care.
- Outdated Interiors: Dated wallpaper, old cabinetry, ancient appliances, worn-out carpets, and outdated bathroom fixtures can all make a home appear out of touch with current market preferences. Homes with updated interiors often command higher prices.
- Clutter and Messiness: While this is more about presentation than the house itself, photographs that show cluttered, messy rooms can make spaces appear smaller and less appealing. A clean, well-staged home is more attractive to potential buyers and can affect the perceived value.
Louis O’Connell Bristow, Co-Founder and CEO at Homemove added, “For those looking to sell, understanding these insights means they can stage or modify their homes to appeal to the widest range of potential buyers, potentially speeding up the sales process and securing a better price.”
Homemove is an easy to use property platform which aims to connect millions of home movers with the best rated service providers to take the stress out of the moving process.