Tag Archives: avm
by Drew Meyers on 10:30 am September 25, 2017
HouseCanary raised a series B. $31 million. (via TechCrunch & Inman). From TechCrunch: HouseCanary’s business revolves around selling software to appraisers and real estate investment firms. I’ve never understood their strategy, or differentiator for that matter. I have to admit — I still don’t understand the need for so much funding. A true b2b enterprise sales model should not need $60 million plus in funding. Maybe I’m missing something. If anyone can shed some light, by all means, please do.
by Drew Meyers on 9:00 am August 2, 2017
Onboard Informatics has been working on a new AVM brand that was announced today — myAVM. My question is the same one I have about RealEstate.com — do millennials really need their own AVM? I get that brokerages and agent want to integrate a white label AVM on their own websites — but if that’s the case, why bother with a “consumer brand” like myavm? Or, perhaps I’m not understanding something about the product and strategy behind it.
by Drew Meyers on 9:45 am March 24, 2017
I’m on record as being a skeptic on HouseCanary. I thought I’d share a video of a presentation by their CEO, Jeremy Sicklick (via VendorAlley): After watching the video — I’m still a skeptic. It seems home price indexes at the block level is their differentiator. My question — who cares about block level analysis? Some investors, sure — but consumers? I don’t think so. Hasn’t Zillow already done everything HouseCanary is doing? [via VendorAlley]
by Drew Meyers on 12:00 pm January 14, 2017
I saw this morning that HouseCanary raised a $33 million Series A. There have been a number of AVM attempts over the past decade. When I look at HouseCanary’s home page, they are much more CoreLogic, Onboard Informatics, or Home Junction than they are Zillow. Which surprised me. Why raise $33 million for a B2B data sales business model? I don’t get it. I’m assuming there must be a much grander vision pitched to investors than is indicated on their website.
by Drew Meyers on 10:46 am October 14, 2016
I’ve written about AVM’s before, here. Another one looks to have recently entered the market. Buyerprice.com. Aside from their chrome extension (which seems cool, but not defensible), I’m not sure what’s different about what they’re doing. I assume the algorithm is based on MLS data? How is this better than Redfin Estimates or Surefield’s Pricepoint? Anyone have any intel to share?
by Ben Kubic on 10:09 am December 22, 2015
My company, Virgent Realty, sold a home in Atlanta’s hot Grant Park neighborhood just under three months ago for $492,500. The home had numerous showings its first weekend, and went under contract 5 days after we put it on the market. This morning, I was greeted with this email from Zillow: Note the $184,942 difference between the most recent sold value and the current Zestimate. After having a good laugh, I decided to give the new Redfin AVM a shot, since they claim to have the lowest … Read More »
by Ben Kubic on 9:37 am December 7, 2015
I am a firm believer that someone will create a great AVM that will rapidly replace human input into the valuation process. As we’ve seen with advances like self-driving cars, computers are better at assessing risks, reacting to local conditions, and, in many cases, making judgement calls than humans are. That’s why I was so intrigued by Redfin’s recent AVM launch. To test it out, I looked up the Redfin estimate of my parent’s 2 bedroom suburban Maryland home. Their AVM estimates the home’s value at $573, 414. … Read More »
by Drew Meyers on 6:15 pm December 15, 2014
To build a real estate portal, the standard strategy is collect lots of listing data. Or you could try the “AVM abroad” strategy (Zillow for country X). I’ve written about data sources before (MLS listing data, public property data, and other free datasets). Unfortunately, virtually no country in the world has the required sales data publicly accessible to base an AVM on. Why? Agents don’t want to share it, because buyers want it, and agents want buyers to ask them about it rather than look it up for free online. Pretty simple. Which begets the … Read More »
by Drew Meyers on 5:31 am August 24, 2014
Someone landed on Geek Estate the other day, with the following search query: the truth about real estate automated valuation websites I’m not sure exactly what they are looking for, but they should know AVM’s (automated valuation model) have been around for years & used heavily in the lending, insurance, and investment industries. However, professionals had to pay for access to that data. Consumer Websites Zillow launched in February of 2006, and was the first site to give consumers free access to the same data professionals had been … Read More »
Automated Home Valuations From Trulia, Zillow, Etc: Who Do Estimates, Zestimates, Online Values Benefit?
by Sam DeBord on 5:45 pm September 14, 2011
Automated home valuations are a growing trend on real estate websites. While Zillow’s Zestimates are clearly the standout leaders in this field, there are plenty of others. Eppraisal. Cyberhomes. Trulia has a one-city beta product in the works, while First American has had its own automated valuation model for quite some time. Even our own Geek Estate Blogger, Justin Britt, has a new Hawaii Life Value Score, taking a different angle with more of a comparative score valuation. The vast majority of real estate professionals I encounter dismiss the value of these … Read More »