Welcome to the "Did You Know" blog; a blog that will explain all the functions you can use to navigate and use RealEstateSINY.com’s newest website, SI-DEX. This week, we are going to explain to you what the site’s star ratings and value accuracy.
Each property value in our database holds a star rating. The star rating for a value estimate represents how accurate the estimate is. The star ratings can range from 1-5 stars. When you go to your property's page, you will notice on the right-hand side a circle graphic with your estimate inside. Beneath the estimate will be the star rating on record for your property.
You can hover over each star for more information on what the star rating means for your property:
1-Star Rating: Insufficient data available to accurately give a preliminary estimate of value.
2-Star Rating: While some data is available, the margin of error can exceed 15-20% of an estimated value.
3-Star Rating: Three-star ratings are preliminary estimates and can have a margin of error that can be up to 8% and, in limited cases, a bit more. However, in many cases, this can almost reasonably project the value of a home within 1 or 2 percent of what a home may sell for. However, it's purely computer generated. Remember, even the best values are estimates until someone makes a physical offer to purchase.
4-Star Rating: A four-star rating is reserved for estimates that we have had physically evaluated, and can only be completed through a registration process and homeowner claim of a property. We will generate a complete profile of a property on the best data available to get the value at its truest point.
5-Star Rating: Five-star ratings will be reserved for properties that have had a certified appraisal. A five-star rating is not available in the beta release of SI-DEX, but will be in several months.
Based on the star rating, this is how you can base the value accuracy for that property. The higher the star rating, the more accurate the value listed is.
Return back each week to learn about a different function on SI-DEX. Next week, we will be discussing comparing values with neighboring properties!