The Overview Section will present the following graphs and data points:
- Property Value Details
- HouseCanary Value
- HouseCanary Rental Value*
- Property Details**
- Market Stats
- Purchase History
- Recent Similar Sales
- Value Forecast
* If available
** User editable
Property Details section
Editable Property Details
In some cases, if HouseCanary cannot provide accurate data from Public Records or MLS, users may update the property detail information such as site area, lot size, beds, baths, property type, and age. Value Report will take your inputs and recalculate a new valuation based on all of your updated information.
When you update a report, the changes will automatically be preserved and the report will update with new calculations.
While there are no limits on the number of edits you can make to a specific property, only one User Adjusted Report can be saved per property. Changing the original HouseCanary report will then overwrite any previous customizations that you made to the report.
Please see the list below for a full summary of editable fields:
- Lot Size
- Property Type
- Owner Occupied
- Year Built
After editing your Subject Property details, a new HouseCanary Value will be populated in both the header section and the Property Value Details section.
The HouseCanary Value Estimate is designed to use all available market data to estimate the most likely value that a property would currently transact for at arm’s-length. In Value Report, we provide you with a range of Values, as well as a Rental Value.
View property photos to better understand a property's visual condition and make better valuation decisions.
Future Value of the subject property obtained by applying HouseCanary’s proprietary zip code level price appreciation forecast to the current value estimate of the subject property.
Source: HouseCanary Automated Valuation Model, HouseCanary Home Price Index
Adjusting the Condition will allow you to adjust the value of a property based on the overall physical condition of the property.
To adjust the condition of your property, navigate to the “Condition” slider in the Value Report and update the value. After the adjustment, the property will update based on the range of values that we see for differing property conditions that we see in the neighborhood.
Below are suggestions for selecting the property condition. The suggestions below were written to be in alignment with definitions used by appraisers completing a UAD compliant appraisal.
'Excellent' - This property has been very recently constructed and may not have previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.
'Good' - The property has little or no physical depreciation, requires no repairs, and is similar in condition to new construction. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards.
'Fair' - The property has been maintained and features physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. All major building components have been adequately maintained and are functionally adequate.
'Subpar' - The property feature obvious deferred maintenance and is in need of some significant. repairs. Some building components require repairs, rehabilitation, or updating. The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.
'Poor' - The property has substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
Source: HouseCanary analysis, Fannie Mae UAD Definitions for Condition
The Market Index is a summary conclusion on the market index. Specifically whether the market is currently classified as a buyer's market, seller's market or neutral.
Source: Local MLS, HouseCanary analysis
MSA 1 Year Risk of Decline
The one year risk of decline is a proprietary HouseCanary metric that measures the probability that this market's median home prices will be lower 12 months from now than the current market median price. This one-year chance of loss is derived through HouseCanary's multivariate time series models using a combination of fundamental and technical indicators.
Source: Local MLS, HouseCanary analysis
Recent Similar Sales