In recent years, the market for real estate price estimation in Bogotá has experienced significant growth, driven by the emergence of digital platforms specializing in property appraisals or price simulators. These tools have become popular options for both sellers and buyers, offering quick and accessible price estimates.
Estimation Platforms: Free or Paid?
There are numerous free platforms aiming to attract users by providing price estimations as an additional service, with the goal of offering other products. Among these are platforms like Finco, Avalúo en línea, Habimetro, La Haus, Metrocuadrado, Ciencuadras, Properati, and Houm, which offer calculations based primarily on property listings. Additionally, some platforms, for an extra fee, allow users to generate more detailed PDF reports, providing added value for those who want a more comprehensive analysis.
However, these platforms use data based on the prices that sellers hope to achieve, which may not necessarily reflect the final transaction value. First, sellers often set a higher initial price, anticipating a downward negotiation; and second, listing prices are influenced by the "ownership bias," where owners tend to overvalue their assets simply because they own them.
The Importance of Data Quality in Price Estimation
One of the most crucial factors in real estate price estimation is the quality and variety of data used. Most platforms rely on information provided directly by sellers or based on property listings, which may have limitations if the data doesn’t accurately reflect the real market conditions. In contrast, Inmobo takes a step further by incorporating not only the listed prices but also the final values registered in closing prices.
This approach is essential because final prices are often different from the initial offers. During the negotiation process, the differences between the asking and closing prices can vary significantly, providing a more accurate view of the property’s true value.
The Dynamics of the Real Estate Market: Supply and Demand
Just like in financial markets, where stock prices fluctuate based on supply and demand, real estate prices are subject to the same market forces. The main difference lies in the accessibility and availability of data. Until recently, the lack of reliable public information made it difficult to apply models based on actual transactions, limiting analysis to listing data.
With platforms like Inmobo, which combines both listing prices and actual closing data, this information gap is reduced, providing much more accurate estimates. This is particularly useful for filtering out transactions that don’t reflect the real market, such as partial purchases, below-market sales, or non-commercial transfers.
How to Obtain a Digital Appraisal Based on Closing Prices?
Anyone interested in knowing the estimated value of a property in Bogotá can visit inmobo.co and request a digital appraisal. Additionally, Inmobo allows users to check prices by building and property type (apartments, houses, offices, warehouses, lots, etc.) through its Price Map, an interactive tool that facilitates the comparison of real prices across the city.
In an increasingly competitive market, having reliable and accurate information is essential for making informed decisions. Platforms like Inmobo, by including closing price data, make a substantial difference in real estate price estimation, offering a more comprehensive and realistic view.
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