Last week I wrote about our Property API and some of the data it relays, like property records and property sales. This week, I'll explore another popular way to use the Property API: to build an AVM. First a quick refresher on some of the key terms in this post:
API: API stands for Application Programming Interface. Basically, it’s a way for developers to receive information. More specifically, an API receives requests and sends responses from a remote server.
Property API: Our Property API has data on 150 million properties nationwide, which includes all 100 million residential properties. In addition, there is information on the historical sales, transactions, and valuation of each property. With the depth of this API, there are many things you can create.
AVM: AVM stands for Automated Valuation Model. An AVM is a handy tool for quickly and simply providing an estimated value for a property. For a more in-depth look at AVMs in the industry, check out Marc Siden's post, The Evolution of AVMs.
Today we're going to look at how you can build an AVM using our Property API.
Within the Property API is home value estimate data.
- Value estimate and high to low value ranges for each property
- Confidence ratings for the values returned
- Over 94 million valuations
- Property characteristics where available
- Year Built
- Living Square Feet
- Lot Size
- Number of Stories
- Property Type
BUILDING AN AVM
You can use this data to quickly and automatically generate the value and comparative analysis of any property in the country. AVMs are often used to identify likely home sellers before they put their home on the market. Below is an example of an AVM from one of our clients Valuations Today.
All the information on our valuations is available on our Developer Platform. Estimated value can be sent individually, within a zip code, neighborhood, or city.
When you request this data, here is how it sends it back:
A FASTER WAY TO DEVELOP YOUR AVM
If you are looking for a faster way to develop against this data, you can use a Valuations API that delivers responses in a whole web page or HTML (essentially presentational code). So rather than just getting the data, you’ll receive the data display which you can plug into your web page, blog, or site.
We call this type of API “Accelerate” because it speeds up your development process. Here is an example of the AVM API from Accelerate:
This template is interactive, so the user can select or "de-select" homes in their area that are outliers. When they select certain properties in the area, the estimated value automatically adjusts. Delivering a template for an AVM is a faster, easier way to get an AVM on your webpage, site or blog.
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