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Here We Go Again

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hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Hey, Tawfik-

I don't see the concern about HouseCanary?
I've been to a couple of their presentations. Their product is pretty good (IMO) but, like any data research and analysis product, its better in some market-types (high volume/transaction) than others.
If I were a high-volume appraiser in an urban market, I'd consider using their product as a supplement to my own analysis. The advantages of doing so is that it is quick and they provide a look at a number of metrics that is time-consuming for me to do. Yes, I can probably replicate most of their information from other sources, but that takes time as well.

I'm not a high-volume appraiser. I like to get my hands "dirty" with the data and do my own analysis. I do my own market analysis but will also include a Trulia trend line in my presentation. So using outside source data isn't an issue. Call me old fashion, but I feel more comfortable for my assignments when I actually am doing the lion's share of the research. But I'm always willing to consider other sources to supplement what I do. If I found a product that I thought did it better than me and provided me with the same level of confidence/reliability, I'd switch.

For a non-real estate appraiser, these product/tools can be beneficial. For investors (flippers or the one-off) these product can provide some good insight into the market dynamics.

They provide historical data, specific transaction data, and model a forecast based on that data. It is a tool; no more, no less. Worth more to those who do not have access to data as we do.

It is market research with some modeling that can be applied to a specific property. No more, no less. :cool:
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
"What if you could accurately predict the resale value of a home before buying it?"

When?
In a few weeks? EASY. In a few months? FAIRLY EASY. In a few years? GOOD LUCK.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Will agree with Dennis on this, old school dirty digging - will review the available on line hoopla, but my preference is own research @ town halls and agent communications. Its all a comfort thing and because of the "permitted use" Q&A, will dig that up on my own. Have found public records (on line) in some instances to be questionable and to me (here in my area) building data is mainly on micro data, so one needs to pull individual copies and run them thru a projector for basic PZC approvals at the time of permit or additions.
On line stuff is all good, until something goes wrong and your work file is lacking......good luck with that.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
"What if you could accurately predict the resale value of a home before buying it?"

That is a lot more ambitious than Zillow's simple present $ estimates...if House Canary promises an accurate future resale value forecast and buyers purchase relying on that forecast and it is not true at time of resale, expect a slew of future lawsuits These lawsuits might have grounds ( whereas the Zlllow suit did not)
 

Tawfik Ahdab

Senior Member
Joined
Feb 19, 2003
Professional Status
Certified Residential Appraiser
State
Oregon
It's the accurate forecasting claim that's at issue here and as Mr. Grant noted it's a heck of a lot more than giving you a present value as Zillow tries to do.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Ms Grant ( was Mrs Grant at one time lol)...they are taking on a big promise with future value forecasting!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
No problem !:coolsmiley:
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
HouseCanary raises $31 million to value residential real estate.

So this raises the obvious question: Will this website make real estate appraisers the canary in the coal mine?
 
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