TrueHome Estimate is an estimated market value for any Hong Kong property, computed using an A.I. (machine learning) formula. It is a starting point in determining a home's value and is not an official appraisal.
How is TrueHome Estimate calculated?
TrueHome Estimate uses over a large number of data points to calculate a home value. Data points include property characteristics such as square footage, location, floor number which are then given different weights according to their influence on home sale prices. The estimate also factors in comparable recent sales data such as a sale in the same building or nearby.
How accurate is TrueHome Estimate?
TrueHome Estimate has a median error rate of 8% which means half of the homes are within 8% of the selling price. The other half is off by more than 8%. This error rate is comparable to some of the best home value valuation tools from Silicon Valley.
How many homes does TrueHome Estimate cover?
It covers over 1.7 million properties and 43,000 buildings in Hong Kong.
I don't think the estimate is right for my home. Why is that?
TrueHome Estimate relies on public data such as sq ft and recent sales. If your home is missing this data, the estimate becomes unreliable. We mark these unreliable estimates as "Low Confidence" on the website. In addition, TrueHome Estimate cannot factor in any remodeling work or upgrades.
How often does TrueHome estimate update?
The TrueHome Estimate updates once a month. Our sales transaction data updates once daily.
Who is behind TrueHome.hk?
TrueHome.hk is built by Joe Lei and Guy Freeman in Sai Wan, Hong Kong. Joe is product manager and engineer with over 10 years of experience working in Silicon Valley and San Francisco tech companies. Guy is a data scientist with a PhD in Statistics. They decided to build TrueHome.hk because of their love of all things real estate, A.I., and Hong Kong!Say hello to us! truehomehk@gmail.com
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