“What is this home worth?” is one of the most critical questions to answer in the decision to buy or sell. This is why our clients have come to us since 2001 for an Automated Valuation Model or an AVM that is run through multiple valuations to show an accurate home value and confidence score. We run rigorous processing and improvements to all the decision support data we gather and provide. The Onboard team recently tackled a project to improve match rates and make improvements to our source data across thousands of counties. We worked with many of our clients to identify areas of the country to focus on. The changes focused on handling input formats for for addresses with unit #'s and pre/post directionals, so many areas with a preponderance of these address types saw the most improvement. As a result:
- Match rates (addresses to valuations) increased by 3% across all properties
- In key areas, we saw improvements in match rates of up to 98%
What does this tell us? Some of what we already know: real estate is local – and so are its idiosyncrasies.
Image Credit: Lending Memo on Flickr