![\"\"](\"https:\/\/www.sellmyhouser.com\/wp-content\/uploads\/2023\/04\/chase-bank-estimator.png\")
<\/p>\nChase offers a valuable tool for homeowners estimating their property’s worth. Their home value estimator considers crucial details such as the number of bedrooms and bathrooms and square footage to give users a free estimated market value. The bank relies on a vast database of millions of home records to generate these estimates.<\/p>\n
However, some users may wonder about the accuracy and reliability of Chase’s home value estimator. Our analysis found that while the tool can provide a rough estimate, it tends to underprice properties compared to similar estimators from other companies.<\/p>\n
It’s worth noting that Chase’s disclaimer states that their data and valuations come without any warranty or guarantee and that the accuracy of the valuations is estimated based on available data and does not constitute an official appraisal. Therefore, it’s essential to approach these estimates with a grain of salt and not rely solely on them for critical financial decisions.<\/p>\n
<\/p>\n
While home value estimators like Chase’s can be a useful starting point, we recommend using multiple tools to get a more accurate and comprehensive picture of your home’s value. Ultimately, it’s always best to consult a professional appraiser to appraise your property’s worth accurately.<\/p>\n
Chase’s home value estimator analyzes recent home sales in the local area, a common approach taken by similar tools. The company claims to be the most significant source provider of property and mortgage data, with access to more than 10,000 government and proprietary sources. Moreover, its database is frequently updated daily.<\/p>\n
Chase’s algorithm for estimating a home’s value involves several data points, including the property’s tax records, such as the number of bedrooms, bathrooms, square footage, and year of construction. The company then compares this information with data from recent home sales in the vicinity to determine an estimated value for the property.<\/p>\n
One of the advantages of using Chase’s home value tool is its intuitive user interface, which is easy to navigate and use on a web browser. Users can input their property’s details and receive an estimated market value in seconds.<\/p>\n
![\"sell](\"https:\/\/www.sellmyhouser.com\/wp-content\/uploads\/2021\/11\/sell-my-house-fast-logo-300x45.png\"){kind=logo}
However, it’s important to note that Chase’s tool may only sometimes provide the most accurate estimate like any other home value estimator. Therefore, using multiple tools and consulting with a professional appraiser is recommended for a more reliable valuation of a property’s worth.<\/p>\n
Like other online tools, Chase’s home value estimator relies on tax records to determine a property’s value. Therefore, any significant improvements or repairs made to a property may only be reflected in its estimated value if updated in the tax records.<\/p>\n
Additionally, the estimator may not consider any unique features that may add value to a property, such as energy-efficient appliances, an inground swimming pool, or a finished basement. Unlike some other home value estimators, Chase’s tool does not allow adding these features or renovations.<\/p>\n
This limitation is common to Chase’s home value estimator, as many other tools overlook upgrades, repairs, or special features when calculating a property’s value. As a result, we recommend seeking the guidance of a local real estate agent for a more accurate valuation. A professional real estate agent can provide insights on how much value to assign to a property’s upgrades and unique features that an online tool may not capture.<\/p>\n
We investigated Chase’s home value estimator to determine its reliability in calculating a property’s fair value. Chase claims that its estimator is based on an extensive database of home records, but we found some issues with its method for selecting comparable home sales, also known as “comps.”<\/p>\n
In real estate, comps are recent home sales most similar to the subject property in terms of location, size, condition, and features. Real estate professionals typically average the sale prices of comps to determine a home’s fair value. On Chase’s home value estimator, users can see which comps the tool uses by scrolling down below the Google map and viewing the addresses listed under “recent nearby sales” for “my property.”<\/p>\n
However, we found that Chase’s selection of comps could have been more trustworthy. Real estate agents, brokers, and appraisers usually choose comps that have closed within the past few months, with exceptions made for rural areas with few recent sales. But Chase’s selection included several outdated home sales, with three of its five comps having last sold in September 2022, 7 months before the publication of this blog post.<\/p>\n
Using outdated home sales as comps can result in an unreliable home value estimate, making it difficult to trust the accuracy of Chase’s estimator. Therefore, using multiple tools and consulting with a professional appraiser or real estate agent is recommended for a more accurate valuation of a property’s worth.<\/p>\n
Chase’s home value estimator has its pros and cons. Some advantages of using the tool include its fast and easy-to-use interface, the ability to edit your home facts, and the easy-to-view comparable sales that help understand how Chase arrives at the estimated value. Additionally, the tool claims to frequently update home values to reflect current market conditions.
\nOne of the benefits of using Chase’s home value estimator is that it provides a quick estimate without requiring personal information. It’s also effortless to update key property facts, such as the number of bedrooms or square footage, and see how those changes affect the estimated value.<\/p>\n
However, like any home value estimator, Chase’s tool has limitations. For example, it may provide inaccurate or missing information for some properties. We found that some properties we tested needed to have included information compared to their tax records, which can affect the estimate’s accuracy.<\/p>\n
Furthermore, Chase’s tool relies on outdated comparable home sales to determine its home value estimates, which can lead to unreliable valuations. However, this is a common issue among many similar home value estimators.<\/p>\n
While Chase’s home value estimator can provide a rough estimate of a property’s value, it’s essential to approach the estimate cautiously and consult a professional appraiser or real estate agent for a more accurate valuation.<\/p>\n
One of the limitations of using Chase’s home value estimator is the inability to save any changes made to a property’s valuation. If you refresh or exit the website, you’ll have to start over and input your property’s information again.<\/p>\n
Moreover, the tool doesn’t offer any option to add custom home renovations or repairs that can significantly impact a property’s value. This can be a disadvantage for homeowners looking for a more accurate estimate that reflects their home’s unique features and upgrades.<\/p>\n
To use Chase’s home value estimator, visit the bank’s website and access it from the “home loans” tab, followed by “access calculator and tools.” This will take you to the calculator and resources page, where you can find the home value estimator in the screen’s bottom left corner. You can input your property’s information to get an estimated market value from there.
\nWhile Chase’s home value estimator can provide a quick and straightforward estimate, consulting with a professional appraiser or real estate agent is recommended for a more accurate and comprehensive valuation of your property’s worth.<\/p>\n
To use Chase’s home value estimator, enter your property’s address in the search bar in the center of the screen. Google will automatically populate the field with addresses, and you can select the correct address and click “search.”<\/p>\n
Once you’ve entered your property’s address, Chase will post a Google Map of your subject property’s location and provide your estimated home value in the top right corner of the screen. Suppose you have questions about how the estimated value is calculated or where the data comes from. In that case, you can access the frequently asked questions page by clicking on the info tab after “estimated value.”<\/p>\n
However, based on our analysis, it’s likely that Chase will need the correct information for your property or comparable properties. Therefore, you may need to manually edit your house’s information for the most accurate value estimate. You can edit the number of beds, baths, total rooms, square footage, and year built in the right-hand corner of the screen.
\nTo get the most up-to-date information, search your property’s tax records and change the information on the Chase estimator accordingly. Once you’ve made the necessary changes, select “update values” to receive your new value estimate and net value created, which will appear right above the tab.<\/p>\n
While the estimator can provide a rough estimate of your property’s worth, consulting with a professional appraiser or real estate agent for a more comprehensive and accurate valuation is essential.<\/p>\n
Zillow’s owner dashboard is also more user-friendly and provides additional insights into a property’s value, such as price per square foot and an estimated net proceeds calculator. Additionally, Zillow claims to have home valuations for 104 million homes across the country, suggesting its coverage is broader than Chase’s.<\/p>\n![\"\"](\"https:\/\/www.sellmyhouser.com\/wp-content\/uploads\/2023\/04\/homevaluerealestatecenter-bankofamerica-300x148.png\")
Chase’s tool needs to improve in several areas compared to other popular home value estimators. For instance, Zillow<\/a>‘s Zestimate provides the lowest median error rates for both on-market and off-market properties, and Bank of America’s Home Value Estimator<\/a> does as well, while Chase has yet to release its error rates.<\/p>\n
![\"\"](\"https:\/\/www.sellmyhouser.com\/wp-content\/uploads\/2023\/04\/redfin-home-value-estimator-300x97.png\")
Redfin<\/a>‘s home value estimator is another tool that rates higher than Chase’s in terms of accuracy and usability. Redfin publishes its error rates for on-market and off-market properties and allows users to save a home’s information and receive regular value updates. In contrast, Chase’s tool offers no option to save property information or receive updates.