DataQuick Enhances Automated Property Valuation Model

Posted by Patrick Barnard on January 16, 2014 No Comments
Categories : FYI

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.

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