As the real estate industry continues to ebb and flow at a feverish pace, pinpointing exactly where the market’s headed is a challenging proposition for real estate professionals across the board, even those who pride themselves on having a pulse on the market 24/7.
While we haven’t been able to track down that elusive crystal ball that would undoubtedly point us in the right direction, we’ve taken the challenge into our own hands at HouseCanary and have built something that I feel is even more powerful.
Stemming from the notion that data has changed the way real estate professionals do business—and the fact that consumers have come to expect nothing less from their agent—we’ve harnessed the power of data in a significant way.
While it’s been nothing short of a huge undertaking, we’ve developed the deepest dataset in the industry to provide insights not previously possible. From three-year projections of a home’s value to the “why behind the value”—including market demand, months-of-supply, macroeconomic data and rental values—we’ve built an incredibly valuable resource for real estate agents and brokers alike.
In fact, our platform measures price movements on every residential block in the country, allowing for precise valuations today and three years into the future. Taking this one step further, our algorithms combine 40 years of history, 1 billion residential transactions and hundreds of proprietary calculations influencing home values, such as capital markets, jobs, traffic and views from a property’s backyard.
As buyers become more sophisticated, our datasets and insights provide an opportunity for progressive agents and brokers to deliver the information that buyers are desperately craving. Drilling down even further, data science has enabled us to accurately value and forecast over 18,000 U.S. residential markets and 100 million properties.
Resolving the inaccurate data dilemma was another important facet that couldn’t be overlooked. By applying complex algorithms to ingesting, scrubbing, organizing and analyzing data on 100 million U.S. residential properties, we’ve created a single source of reliable, accurate insight, providing a competitive advantage among real estate professionals who can now use the same information used by lenders and appraisers.
Quickly forging new roads for real estate agents, we’ve already established ourselves with lenders, real estate investors and appraisers. In that vein, we recently announced a collaboration with Google Cloud Platform Commercial Datasets. Not only will this allow us to add our home price indices to Google’s service providing premium data to financial institutions, but it will also solidify our position as the most accurate provider of real estate data in the business.
Martin Morzynski is CMO of HouseCanary.
For more information, please visit www.housecanary.com.
For the latest real estate news and trends, bookmark RISMedia.com.
