DataQuick – a provider of real estate information solutions powered by data, analytics and decisioning – has added substantial enhancements to CMV-Portfolio, the company's automated property valuation (AVM) model.
DataQuick says the enhancements are designed to improve valuation accuracy and increase – by up to 20% – the likelihood that an AVM will fall within 10% of the actual sales price.
According to the company, CMV-Portfolio comprises four submodels that use different methodologies and sources of data to estimate the value of a property, and estimates are combined using a weighted average determined by property-specific accuracy measures of each submodel.
The enhanced submodels included in the CMV-Portfolio AVM include the following:
á Appraisal Emulation Model – Uses a comparable sales approach to estimate the market value of a property based on the value of similar properties in a specific area;
á Inflated Sale Price Model – Estimates the market value by multiplying the most recent sale price of the property by how much the DataQuick Neighborhood Housing Price Index has changed since the most recent sale;
á Tax Assessed Value Model – Estimates the ratio of the assessed value of a property to the sales price of sample properties in the vicinity to determine the market value; and
á Hedonic Model – Uses a robust set of property characteristics to construct a local property value regression model using nearby properties that have sold recently.