HouseCanary, a provider of modern valuation and appraisal solutions, recently announced the release of its regression modeling program that is built directly into HouseCanary’s appraisal software, allowing residential appraisers to easily make data-driven adjustments.
The new technology will help appraisers work in a more timely manner with greater credibility. HouseCanary said that as the appraisal industry moves away from paired sales analysis as a one-size-fits-all approach, HouseCanary’s regression software will help to make objective, data-driven, comparable sales adjustments. This will allow for appraisers to easily identify which property features are most important for estimating a home’s value and instantly apply a suggested adjustment based on HouseCanary’s rigorous statistical models.
“HouseCanary’s regression modeling makes the appraisal process faster, easier, and more accurate. 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,” said Steve O’Brien, Chief Appraiser of HouseCanary.
The regression tool by HouseCanary is claimed to be the industry’s first implementation of directly integrated multiple linear regression modeling at no additional cost, enabling appraisers to rapidly examine the effect that multiple property features have on a home’s value simultaneously.
Regression analysis also extends to Agile Appraisal, HouseCanary’s flagship offering in its Valuation Suite, further enhancing the software’s accuracy and advancing HouseCanary’s mission of providing a fast, reliable valuation for every property. HouseCanary’s software marries an appraiser’s expertise with integrated computation, keeping the appraiser in control while equipping them with the insights available from thousands of advanced calculations.
More than ever, appraisers are asked to provide actionable data to successfully defend their work against inquiries from Fannie Mae, their state board, and their AMC or lender clients.
“HouseCanary’s built-in regression modeling makes it easy to do, keeping appraisers on top of the changing regulatory environment and forthcoming statutes such as Advisory Opinion 37. Once the valuation is complete, appraisers can export graphs and visuals directly into their reports with the PDF output, helping them justify their adjustments to their clients or regulatory bodies in a digestible format. The analysis is simple and comprehensive, making it easier than ever for appraisers to make data-driven comp adjustments directly from their tablet or desktop computer.”