About the geniusprice®
Whether you own a home, or are looking to purchase or sell, having a reliable home value estimate can help you make informed decisions. The geniusprice®, from homegenius Real Estate, is an instant home value estimate based on property facts. The technology behind geniusprice® analyzes property photos to score the home's condition and features of value, such as flooring, countertops, and appliances. These factors can make a big difference in your home's value but often get ignored by other home value estimates. The result is a more accurate* estimate that reflects the potential value of a home. A geniusprice® does not replace a formal appraisal or the insight of a licensed real estate professional, but it can help you stay informed and make smarter decisions.
Want to know your home’s geniusprice®?
How accurate is the geniusprice®?
The lower the error rate, the better! The national median error rate for the geniusprice® on active homes is 1.71% and the geniusprice® for off-market homes has a median error rate of 6.62%.
Geniusprice® accuracy is calculated by comparing the final sales price of a home to the geniusprice® published on or just before the day that the home was sold.
We compared our national median error rate to two other leading industry competitors, as shown in the tables below. The geniusprice® has a smaller median error rate for both active and off-market homes 1, meaning the geniusprice® estimate is oftentimes more accurate* than Competitor A and Competitor B based on publicly available data.
1 “Active” is generally defined as properties on an MLS and listed for sale. “Off-Market” is generally defined as those properties not on an MLS or listed for sale. Data is updated bi-annually. Last updated April 2024.
As an example, an active home that sold for $430,000 could be $10,492 under or overvalued by Competitor A and $9,070 under or overvalued by Competitor B compared to only $6,751 under or overvalued by geniusprice®. Home value estimate accuracy matters, so homegenius Real Estate aims to provide a more accurate* home valuation estimate for our customers and consumers.
What is the mygeniusprice® and how is it calculated?
One home value estimate isn’t enough, so homegenius Real Estate offers a second home value estimate, the mygeniusprice®, giving you more insight to make better decisions. Unlike other estimates that may rely on outdated or incomplete data, the mygeniusprice® is an interactive home value estimate that is personalized to you and created by you!
Getting a mygeniusprice® is easy! All you have to do is claim a home on the homegenius platform, provided by homegenius Real Estate, update the property details, and upload new or inspirational photos of your home. The more information you provide, the more accurate your home value estimate may be.
How is the mygeniusprice® different from the geniusprice®?
The geniusprice® is an estimate based on home facts like the number of bedrooms and bathrooms from historic and/or public record data and market data. Everyone can see this value on homegenius Real Estate. The mygeniusprice® is a custom value estimate that is based on additional information and photos you provide on your claimed home. The mygeniusprice® is exclusive to you and is only visible on your account. That way, you can enjoy the privacy and security of your information. When you update your home details the geniusprice® won’t change, but the mygeniusprice® will reflect the new information and photos you add.
What is homegeniusIQ® and how does it affect the geniusprice® and the mygeniusprice®?
homegeniusIQ® is a powerful technology used for the geniusprice® and mygeniusprice®. It analyzes photos, detects features of value, and scores the home's condition. When you claim a home, update the home facts and upload new photos, homegeniusIQ® will evaluate the new information and photos in the generation of the mygeniusprice®.
What should I think if the geniusprice® is lower or higher than other home value estimates that I’ve seen?
Accuracy is much more important than a seemingly deflated or inflated value estimate. Home value estimates can vary depending on the source you use. This can be confusing and frustrating. With geniusprice®, you can rest easy knowing that you’re receiving a more accurate value estimate.
A lower estimate may seem disappointing, but it’s better to know at the beginning of your journey rather than at the end. This can inspire you to unlock your home's potential and increase its value – a mygeniusprice® can help you understand what tapping into your equity and renovating could do for your overall home value. It can also help you understand if you may be overpaying for a home. Higher value estimates on other sites may sound nice, but they can let you down when it comes to selling your home due to their higher error rate*. This could lead you to overpricing your home, making it more difficult to find buyers. It can be important to have a more accurate estimate so that you can make the best decisions.
*Median error rates may vary; based two national competitors’ published median error rates associated with historical home value estimates on active listings as compared to homegenius Real Estate’s home value estimates on active listings.“Active listings” includes all properties that were listed for sale with a list price of greater than $250,000 via a Multiple Listing Service nationwide between November 2023 and April 2024
