""DataQuick"":http://www.dataquick.com/, a San Diego-based real estate information company, announced the addition of major enhancements to its automated property valuation model (AVM), CMV-Portfolio.[IMAGE]
The upgrade build on CMV-Portfolio's ""submodel"" system, which features different models using their own methodologies and data sources to estimate property values. Enhanced submodels in the AVM include:
* The Appraisal Emulation model, which uses a comparable sales approach to estimate market values based on the values of similar properties in an area;
* The Inflated Sale Price Model, which estimates market value by multiplying a property's most recent sale price by how much the company's Neighborhood Housing Price Index has changed since then;
* The Tax Assessed Value Model, which estimates the ratio of a property's assessed value to the sales price of sample properties in the area; and
* The Hedonic Model, which uses a set of property characteristics to construct a local property value regression model based on recent sales nearby.
With the enhancements, DataQuick hopes to improve valuation accuracy and increase the likelihood that an automated valuation will fall within 10 percent of a property's actual sales price.
""Our analytics team has boosted the accuracy in each of these models in order to provide the most precise property valuations possible,"" said company president John Walsh. ""What sets CMV-Portfolio apart is its stable estimate based on multiple data methodologies and an interpretable confidence score which can be easily embedded into risk models.""