HouseCanary’s Latest Offering Provides ‘Faster, Easier and More Accurate’ Appraisals
Appraisers can now arrive at conclusive, data-driven figures with HouseCanary’s new regression tool, determining the features of a property that are most relevant and modeling outcomes.
An appraiser assessing comparables can evaluate the effect of many features—through multiple linear regression, simultaneously—on value. Appraisers can capitalize on the tool to defend their opinions, with the option to include graphs and other visuals in their reports for further support.
“HouseCanary’s regression modeling makes the appraisal process faster, easier and more accurate,” says Steve O’Brien, chief appraiser, HouseCanary. “We’re supercharging an appraiser’s expertise by supplying them not only with algorithmically-derived adjustments, but also with PDF outputs automatically included in the addendum that help justify appraisal decisions and further minimize revision requests.”
According to HouseCanary’s website, regression analysis can be used for studying the relationship between a property’s value and its specific characteristics, such as gross living area (GLA), number of bedrooms, etc. For example, if all of the selected comparables in a given analysis have a different number of bathrooms, bedrooms, or varying GLAs—by using multiple linear regression, appraisers can mathematically determine the effect multiple varying characteristics have on a property value.
The tool is powered by HouseCanary’s data and provided in its software. According to a company release, it is “the industry’s first implementation of directly integrated multiple linear regression modeling at no additional cost.” HouseCanary recently launched Agile Appraisal™, the flagship software in its Valuation Suite.
For more information, please visit www.housecanary.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
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