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Tweety- The Crystal Ball Valuator

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Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
http://rismedia.com/2017/03/22/data-gets-real-housecanary-predictive-analytics-raise-game-2/

[“HouseCanary measures price movements on every residential block in the country, allowing for precise valuations today and three years into the future. Our algorithms combine 40 years of history, 1 billion residential transactions and hundreds of proprietary calculations influencing home values, such as capital markets, jobs, traffic…even views from a property’s backyard.”]

I taut I taw a puddy tat a creepin' up on me. I did!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
so many big techy words ...has to be great!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I just fed the address of my own house into HouseCanary...came back with an instant value ( two seconds )....only problem is their value is about 15k off in a low 200k price range...no biggie...so much for billions of data points and traffic patterns....

Of course If I fed it more details about my house it would change but then I am interacting with it so might as well be doing an appraisal...the only way it could be fed more relevant information for an accurate value is if someone had been in the house and seen the upgrades and changes made.

As far as future valuation out 3 years...I presume they feed today value right or wrong whatever they come up with and project forward based on historical data
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Been telling us this was going to happen for the last 25 years.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
We have one of those here and i check it out from time to time. Did a VA refi last week over $400K for a regular house in a small subdivision of acre+ horse properties. Street Scout said $270K and all the comps it listed had similar GLA but all were in surrounding subdivisions on about 7000 SF lots. It's nice to know what the competition is thinking...

http://www.streetscout.com/
 

BarrySW1963

Member
Joined
Jul 22, 2010
Professional Status
Appraiser Trainee
State
Texas
It's as if they don't realize that people who interact with their application will modify their behavior based on the expectations derived from the use of the application, which will change the validity or probability of accuracy of the predictions. In widespread use, this would lead to dumping, speculating, or other behavior that falls outside of typically motivated buyer/seller activity, at rates that would likely be worse than what is already driven by overly rosy or dire economic predictions.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I signed up for the free trial. I ran a property address that I just got a request for which has a pending sale of $700,000. It came back with comparables ranging from $150,000 to $700,000. So its ability to select comparables is non-existent.

Any realtor could produce a CMA better than Canary. I give it one *.
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
As Mike Garrett said, I've been reading this same story (different headlines) for at least the past 25 years.
Somebody put that Canary in a coal mine....
 
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