PropMix has been developing various insights for valuation to empower the appraiser to produce accurate and transparent appraisals. Our latest addition is the determination of property orientation and corner/cul-de-sac locations and its influence on property values. The model also considers how such factors may contribute to property values in different neighborhoods and markets.
There are numerous factors that influence the value of a property and as any appraiser or AVM (automated valuation model) expert would agree these factors vary from place to place across the country. For example, suburban home values are influenced by: school districts, transit proximity, powerline proximity, backyard views, corner/cul-de-sac location, property orientation, and the list goes on. PropMix has been on a journey to extract and associate all such value related factors to a real estate record.
Profet.ai determines impact of Property Orientation and Location on values
Our data, GIS, and AI engineers have worked together to combine geospatial analysis with machine learning techniques to derive property orientation and location information for every property. We first curated a huge GIS repository of property locations, shapes, street vectors, and census tracts. The next step was to combine all this information with the property records and run our proprietary geospatial algorithms to determine orientation and location.
A regression analysis of data for each neighborhood then helps us determine how orientation and location contribute to property value, if they have any influence at all. For example, orientation of the property may matter in a golf course community where one side of the street backs into the trees or other homes and the other side backs into the golf course. On the other hand, in other neighborhoods this factor would not matter at all.
With the success of the project in limited markets we are now expanding this capability to cover all the major markets in the country. Please contact our team to know if your market is already covered.