Frequently Asked Question:
What is Compraiser?
Compraiser
is a state of the art Automated Valuation Model (AVM) for Real Estate.
It provides a benchmark and allows single-family residential properties to be evaluated on a level playing field.
Think of Compraiser as the "Blue Book© for real estate".
Compraiser tells you what a property in typical condition for an area should sell for – based on what has actually happened in the area.
Information is updated daily . Millions of pieces of information are used to compute the value of a single property on a single day. The statistics takes unique local situations into consideration. This and other innovations make Compraiser the best AVM to determine market value for Real Estate!
But not only does Compraiser look at the value of a property today, but every day - for the past 2 1/2 years!
This information is extremely powerful!
What does AVM stand for?
Automated Valuation Model. Simply put, it is a statistical analysis that returns the value of property.
Is Compraiser the same as an appraisal?
No. Compraiser is a statistical calculation based on the properties that have actually sold in the area. An appraisal requires a licensed appraiser to physically inspect a property.
How accurate is Compraiser?
This is the best part! Click Here for an in depth explanation about the accuracy of Compraiser.
Why are my assessed tax rate, appraisal, and Compraiser value all different?
Each serves a different purpose.
- The assessed value is used only to determine how much property tax is to be paid. The assessment is usually done only once per year. To learn more about how Compraiser can help you contest your property taxes, click here.
- An appraisal is usually an insurance policy for a lending institution. The lender requires someone to physically inspect the property to determine if the property will satisfy collateral requirements for the loan. This is why the appraisal value frequently matches the asking price almost exactly. The appraiser is giving a 'go' for lending.
- Compraiser most accurately models market value. Compraiser determines what the actual market is doing and applies that information to your property. The information is free of bias and subjectivity. Of course, condition and other aspects of a property may adjust the market value up or down. But Compraiser gives the starting point for any analysis to be done.
Why is Compraiser not available in my area?
Because Compraiser relies on actual solds - not assessed value like most AVM's - there needs to be a sufficient number of properties that sell in an area to compute the Compraiser value.
What regions currently have Compraiser?
Compraiser is currently available in the Utah Metro areas. Specifically, the counties of Davis, Salt Lake, Tooele, Utah, Washington, and Weber. If you live in an area where you would like to see Compraiser expand to, please let us know by clicking here.
