The Battle of Property Valuation Tools: Who’s the Most Accurate?

There’s one thing home sellers in Singapore have in common: They all want to sell their homes at a high price. This is no surprise, seeing that news outlets crank out “record-breaking transaction” reports all the time. Naturally, homeowners set higher expectations for their own home sale. However, just because a growing number of HDB resale flats in less mature estates are selling at over $1 million does not necessarily mean all flats will fetch the same price.

Ultimately, it will still come down to your property valuation, which is typically based on a few factors, such as location, how big your unit is, and other ambiguous property attributes like your floor level or ceiling height. (For some reason, high ceilings raise your home value.)

Image Source: Obbio Concept

The last few transactions in your block or area could also influence your property valuation. For example, if previous buyers paid higher COV for flats near you, there may be an increase in your property valuation. 

Now, there are numerous free property valuation tools. SRX’s X-Value Home Report is most loved by property agents and homeowners alike. EdgeProp, PropertyGuru, 99.co, and Ohmyhome also offer property valuation tools: Edge Fair Value, Property Valuation Tool, Property Value Tool, and Homer AI, respectively. 

However, as I tried all these tools for this article, I found that they provide different property valuations for the same property. 

Ohmyhome Homer AI vs SRX X-Value Home Report vs PropertyGuru Property Valuation Tool vs 99.co Property Valuation Tool vs EdgeProp Edge Fair Value

First, let’s take a look at how SRX, EdgeProp, PropertyGuru, and Ohmyhome valued this 2-bedroom (1,055 sq ft) apartment at Eden Grove, Serangoon.

Condo Property Valuation Comparison

As you can see, the property valuation provided by each tool is within the same price range, save for one. PropertyGuru’s estimation is significantly lower than the rest, with about an $80,000 difference. 

HDB Resale Flat Property Valuation Comparison

Now, what’s the estimated value of a 4-room HDB resale flat (818 sq ft) in Toa Payoh Central?

Based on the most recent transaction of a 4-room flat in the same block, which was sold at $750,000, the closest estimated home value was from EdgeProp’s Edge Fair Value and Ohmyhome’s Homer AI. 

Take note that these are specific property examples. As a rule of thumb, your estimated home value should not be significantly lower or higher than the last transacted price in your HDB block, condo development, or surrounding area. Having an experienced and knowledgeable property agent will help you determine the best and fairest selling price for your home. 

What we like and don’t like about each property valuation tool

#1: SRX’s X-Value Home Report shows how much your property valuation has changed in 10 years and compares it to the transacted prices of properties in your region – be it CCR, RCR, and OCR – and all over Singapore.

Screenshot taken from SRX X-Value.

#2: PropertyGuru’s Property Valuation Tool will tell you directly if your property valuation is above or below average based on past transactions of similar-sized units in your district over time.

#3: 99.co’s Property Valuation Tool doesn’t just provide your estimated home value, but also your estimated rental value should you decide to put your home up for rent instead of for sale.

How is Ohmyhome Homer AI different from the rest?

Upon registering your home with Homer AI by Ohmyhome, all your property details are securely stored within your personalised dashboard. This means that you don’t need to manually input all your home details to check your property valuation – it’s available at all times and is even updated every month. So while you’re planning your home selling journey, you’ll get to access all the information you need about your home anytime, anywhere. 

Screenshot taken from Ohmyhome’s Homer AI.

The 5 property valuation tools we’re comparing have different terms for “property valuation”. Before you get confused, here’s a guide:

• SRX calls it “X-value”
• 99.co calls it “Sale value”
• PropertyGuru calls it “Estimated market price”
• EdgeProp calls it “Open market value”
• Ohmyhome calls it “Home e-Valuation”

Other considerations

An important thing to note: SRX and PropertyGuru can only provide the capital gain or loss of a private property when a caveat is lodged with URA. So this information will not be provided if you own a HDB flat or if a caveat for the sale of properties around you has not been lodged with URA. So you’ll still have to do your own research to ensure the information you receive is accurate.

Now, Ohmyhome’s Homer AI, 99.co’s Property Value Tool, and PropertyGuru’s Property Valuation Tool provide similar types of information. The only difference is you’ll have to manually input the property details necessary for their tool to calculate your estimated gain or loss, which are the date of your property purchase and your purchase price. This is a more accurate way of gauging your returns after selling your home.

Screenshots taken from PropertyGuru’s Property Valuation Tool.

However, Homer AI can give a more comprehensive view of your financial health through its Cash Proceeds Calculator which estimates how much you may get to keep after selling your home. You’ll be able to indicate your ideal selling price, outstanding loan payments, and CPF monies utilised for the calculator to crunch the numbers for you. This way, you’ll get a more accurate estimation of your potential returns. 

Get an accurate property valuation with Homer AI

Homer AI is our home ownership management & e-Valuation tool that will provide an accurate estimation of your property valuation that’s updated every month, so you can track if it increased, stayed the same, or decreased.

With Homer AI, you can also know:

• What your home is worth based on the recent transactions in your area
• How much cash you get to keep after selling
• If you have enough to buy your next home

Want to verify your property valuation by Homer AI with a property agent before selling your home?

You shouldn’t rely on assumptions when it comes to your home. So even with all the information you get from these property valuation tools, even Homer AI, you should still speak to a property agent to get their professional advice. With their experience and expertise, they can assist you with proper financial and timeline planning for your property journey.

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Not looking to sell your condo but considering getting a new Condo Managing Agent?

Enjoy more savings with Ohmyhome Property Management. Drop us a message on WhatsApp and we’ll walk you through how we can significantly reduce your condo maintenance fees and improve your overall estate management. (Your condo residents will thank you.)