Realtors Property Resource (RPR)

How do I change the estimated value? (Refine Value tool)

The Refine Value tool allows you to change the estimated value based on home improvements, needed improvements, and/or market and home conditions. A property must have an estimated value (RVM® or AVM) to begin with as a starting point.

Adjust Basic Facts

Update the public record basic facts to refine the value.

  • The “Value Change” column shows the dollar amount added or subtracted for each basic fact you have adjusted. These values will not show in your RPR reports.

  • If a field is empty or shows a value of zero, entering data will not change the value because there is no baseline available to refine.

  • Sometimes changing a basic fact will decrease the value. For instance, adding a bedroom without increasing the sq footage may be seen as a negative by the system, in turn decreasing the estimated value.

  • Not the outcome that you expected? You can override the “Value change from basic facts” and show your adjusted value in your reports.

Home Improvements

Home improvement values are calculated by project and region and are amortized. Choose from a list of improvements or add your own custom home improvement.

  • Click on the downward arrow to open the first drop-down menu. Select an improvement from the list or click Other to add your own custom improvement. If you selected Other, enter a description in the box that appears.

  • Click the downward arrows in the 2nd and 3rd drop-down menus to select a month and year that the home improvement was completed.

  • Select the downward arrow in the last drop-down menu and enter the cost of the home improvement.

This data is provided by Zonda and is updated annually with updated regional coefficients and descriptions of cost and value amounts based on the most recent data. The Zonda Cost vs. Value Report seeks to answer the question, “What value does a particular remodeling project add to the sale price of a home?” This year’s results were determined in part through survey data collected from RPR users like you, along with data from a remodeling estimating solution, Verisk’s XactRemodel®. Learn more about Zonda’s 2024 Cost vs Value Report.

Click this link to learn more.

Cost. To estimate costs, the Cost vs. Value (CVV) team first set a baseline cost by creating a price index for each project category. These indices were based on specific building-product data from the Bureau of Labor Statistics (BLS), including the Consumer Price Index (CPI) and the Producers Price Index (PPI), as well as data from the Personal Consumption Expenditures (PCE) price index, produced by the U.S. Bureau of Economic Analysis (BEA). We also used BLS data to account for changes in average wages for installers from 2019 to now, and accounted for the change in overall inflation within the building product categories. Each of these was given a proportional weighting to establish a reliable national baseline that accounted for changes from 2019 (pre-pandemic to avoid anomalies created over the last few years) to present.

To define how prices varied for local markets, the CVV team partnered with Verisk (Nasdaq: VRSK), a leading global provider of predictive analytics and decision-support solutions, who provided us with building cost data for each of the 23 remodeling projects drawn from XactRemodel, Verisk’s remodeling estimating solution.

Value. Resale value data for each project was aggregated from estimates provided by an online survey conducted by Zonda to over 6,000 Realtors working in cooperation with the National Association of Realtors (NAR). Survey respondents were provided with project descriptions, photos and illustrations, plus construction costs and median home prices for each city, and asked “What value does each of the 23 remodeling projects add to the sale price of a home?” Respondents were instructed to avoid making judgments about the motivation of the homeowner in either the decision to undertake the remodeling project or to sell the house.

Click the arrows within the screenshot to stop the slideshow allowing you to manually advance each screenshot. 

Needed Improvements

Enter needed improvements, like replacing a roof, to decrease the estimated value and identify an issue with the property.

  • Enter a needed improvement in the 1st field.

  • Next, enter your own estimated cost to complete the improvement in the 2nd field. Click the Add button when finished.

  • The total cost that you entered will be deducted from the estimated value.

Market and Home Conditions

Move the sliders to change the estimated value based on the local market and the condition of the subject property.

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Frequently Asked Questions

Click on the links below

Your Refined Value can be displayed in a Property Report or Seller’s Report. You can choose to show the refined estimated value, an itemization of the refinements made, and/or include your refinements as part of the Recommended Pricing Strategy.

Step 1: Open the Report Elements

Click the plus sign to the right of the report title, on the Report page.

Step 2: Select or Deselect what you would like to include

To remove Your Refined Value that appears on the 2nd page of a Property Report(screenshot A), scroll down to the bottom of the element list and put a checkmark next to Suppress refined value for subject property (screenshot B).

Screenshot A

Screenshot B

To remove the itemization of the refinements made (screenshot C), take the checkmark out of the Report Element Refined Value (screenshot D).

Screenshot C

Screenshot D

Step 1: Open the Report Elements

Click the plus sign to the right of the report title, on the Report page.

Step 2

To remove Your Refined Value that appears on the 2nd page of a Property Report (screenshot A), scroll down to the bottom of the element list and put a checkmark next to Suppress refined value for subject property (screenshot B).

Screenshot A

Screenshot B

To remove the itemization of the refinements that you have made.

Need Help?

If you need additional assistance, contact RPR Member Support at (877) 977-7576 or open a Live Chat from any page of the website.

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About RPR

Realtors Property Resource® delivers on-the-go access to an all-encompassing real estate platform, available exclusively to REALTORS®, and offered at no additional cost. Easily accessed through desktop, iOS, and Android devices.

 

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