Method and apparatus of determining effect of price on distribution of time to sell real property

• US 20080133319A1
• Filed: 11/30/2006
• Published: 06/05/2008
• Est. Priority Date: 11/30/2006
• Status: Abandoned Application

• Current Assignee: OIA Intellectuals Incorporated
• Original Assignee: OIA Intellectuals Incorporated
• Inventors: Chawla, Jay, Adiga, Sadashiv
• Application Number:
  US11/607,203
• Publication Number:
  US 20080133319A1
• Time in Patent Office: Days
• US Class Current: 705/10
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A method and/or an apparatus of determining effect of offer price on distribution of time to sell real property are disclosed. In one embodiment, a method of helping price a first real property on a computer includes determining a characteristic of a probability distribution on a first length of time to sell the first real property as a function of a first offer price for said first real property. The said first offer price for said first real property may be an MLS listing price for said first real property. The said characteristic of a probability distribution on the length of time to sell said first real property as a function of a first offer price for said real property may be a probability of selling said first real property within a first fixed time as a function of said first offer price for said first real property.

Claims

1. A method of helping price a first real property on a computer, comprising:

determining a characteristic of a probability distribution on a first length of time to sell the first real property as a function of a first offer price for said first real property.

2. The method of claim 1, wherein said first length of time to sell said first real property comprises a time between listing said first real property on the MLS and closing a sale on said first real property.

3. The method of claim 1, wherein said first length of time to sell said first real property comprises a time between listing said first real property on the MLS and signing a contract to sell said first real property.

4. The method of claim 1, wherein said first offer price for said first real property is an MLS listing price for said first real property.

5. The method of claim 1, wherein said characteristic of a probability distribution on the length of time to sell said first real property as a function of a first offer price for said real property is a probability of selling said first real property within a first fixed time as a function of said first offer price for said first real property.

6. The method of claim 1 wherein said characteristic of a probability distribution on the length of time to sell said first real property as a function of an offer price for said real property is a function of a histogram mapping offer price for said first real property to a set of intervals of time to sell said first house.

7. The method of claim 1 further comprising determining a first objective price for said first house.

8. The method of claim 7 wherein said operation of determining a first objective price for the house comprises using MLS data on a set of house listings and sales.

9. The method of claim 8 further comprising using an automated valuation model.

10. The method of claim 7 further comprising determining a set of objective prices for a subset of said set of real property listings and sales, wherein said set of objective prices comprises an objective price for each real property in said subset.

11. The method of claim 10, further comprising determining, for said subset, a statistical relationship among listing price, objective price, and time to sell.

12. The method of claim 11, wherein said operation of determining, for said first subset, a statistical relationship, comprises determining an empirical property on said first subset of a probability distribution of time to sell as a function of ratios of listing price and objective price.

13. The method of claim 12 wherein said empirical property is used to determine said characteristic.

14. The method of claim 12, wherein said empirical property comprises a histogram.

15. The method of claim 12, wherein said empirical property comprises a probability that time to sell is less than a second fixed time as a function of said ratios of listing price and objective price.

16. The method of claim 15 wherein said characteristic is determined using a first ratio between said first offer price and said first objective price and using said probability that time to sell is less than a second fixed time.

17. A software to help price a real property, comprising:

one of a complied software and one of a programming language software logic object code routing and a set of object code routing stored in one of a permanent medium and a computer system memory for providing a computer implemented method to determine a characteristic of a probability distribution on a first length of time to sell a first real property as a function of first offer price for said first real property.

18. The software of claim 17 further comprising code for determining an objective price for said first real property.

19. The software of claim 17, further comprising code for a web interface to use such software over a WWW connection.

20. A method of communicating over the Internet information to help price a real property on a computer, comprising:

receiving identification information for said first real property, and

transmitting a characteristic of a probability distribution on a first length of time to sell the first real property as a function of a first offer price for said first real property.