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We Value Your Neighborhood

Proper and accurate valuation practices are an important part of the HomeSteps sales process. We work with you to ensure that HomeSteps homes are safe and clean, properly valued and repaired as necessary to help prevent vandalism and improve neighborhood values which will ultimately help to stabilize markets.

Who We Are:

The HomeSteps Property Valuation Analytics team manages Freddie Mac valuation practices and the validation of property values for HomeSteps.

Our areas of focus include:

• Reviewing and providing oversight of listing broker and national vendor broker price opinions

• Reviewing and providing oversight of appraisal valuations

• Identifying technically proficient valuation methodologies

• Identifying areas of opportunity for valuation training and messaging

• Researching and assessing valuation tools for their accuracy and appropriateness in REO

• Staying up-to-date on current market data and trends in HomeSteps’ top 10 markets

Important factors to consider when completing the Broker Price Opinion (BPO):

1. Market: The subject market should dictate the selection of the BPO comparables. Many markets are a mix of fair market and REO. As a result of this mix, a 2/1 comparable ratio is suggested, with emphasis placed on the dominant influence of the subject property.

2. Agent Integrity: The BPO signature should always represent the agent/broker that inspected the property and completed the BPO in its entirety.

3. Visible vs. Unseen: The expectation is that the BPO condition rating and/or value should not be negatively or positively impacted by unseen damages or upgrades.

4. Repair: A repair estimate for “other” should always be clarified with commentary. Cosmetic repair issues need to be documented, but substantial damage should always have comments and at least one supporting photograph.

5. Neighborhood: It is important to include relevant location-related influences that have a significant impact on the marketability of the home or neighborhood. The agent should be clear regarding location-related influences of each of the listing and sold comparables. Include a photo of important influences, when applicable. Please note: All comments and adjustments must be non-discriminatory and consistent with fair housing practices.

6. View: View can be an extremely impactful amenity (positive or negative). When view is necessary to include, always note what type of view for the subject and all comparables and include a photo for the subject view.

7. Comparables/Grid: For a Fair or Poor condition property, a 2/1 comparable ratio is preferred. Two similar condition comparables and one superior condition comparable. The superior condition comparable should be a reasonable representation of the subject as repaired.

8. Adjustments: It is important that adjustments are reasonable for the local market and consistent across the board.