Method and system for determining real estate market value changes
First Claim
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1. A method for valuing real estate property, comprising:
- associating a geographic area with a property having a predetermined size metric;
correlating one or more sales prices associated with a first set of benchmark properties, each benchmark property having a size metric within a range associated with the predetermined size metric of the property and selected based on the geographic area; and
determining a first value associated with the property based on the correlation.
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Abstract
A method and system for valuing real estate property values comprises correlating sales price of benchmark properties of a predetermined size and determining the property value based on the correlation. In one aspect the benchmark properties are determined based on a preselected geographic area, which may include a postal or zip code which includes properties having sizes within a particular range of the predetermined size.
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Citations
31 Claims
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1. A method for valuing real estate property, comprising:
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associating a geographic area with a property having a predetermined size metric; correlating one or more sales prices associated with a first set of benchmark properties, each benchmark property having a size metric within a range associated with the predetermined size metric of the property and selected based on the geographic area; and determining a first value associated with the property based on the correlation. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 22, 25, 26, 27)
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17. An apparatus for calculating a unique value associated with a residence, comprising:
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a memory containing executable instructions; and a processor programmed using the instructions to; request a unique value associated with a specified residence, transmit a specified size value associated with the specified residence, transmit a specified geographic area associated with the specified residence, and receive the unique value, the unique value correlating to an average property price associated with one or more sales prices of benchmark residences, each benchmark residence having a size metric within a range associated with the predetermined specified residence size metric and selected based on a geographic area associated with the specified residence. - View Dependent Claims (18, 19, 20, 21, 23)
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24. An apparatus for calculating a unique value associated with a residence, comprising:
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a memory containing executable instructions; and a processor programmed using the instructions to; receive a request for a unique value associated with a residence, request a residence size value associated with the residence, and transmit the unique value, the unique value correlating to an average residence price associated with one or more sales prices associated with benchmark properties, each benchmark property having a residence size metric within a range associated with the predetermined residence size metric and selected based on a geographic area associated with the residence.
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28. A system for determining home values, comprising:
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a server; a database accessible by the server and having sales price data and property size data associated with a plurality of benchmark properties within a predetermined geographic area, each benchmark property being associated with at least one benchmark data set having a sales price and a property size; and a client device having a memory containing executable instructions and a processor programmed using the instructions to; access the server to request a first property value for a specified property; respond to a request from the server for a property size value associated with the specified property and a geographic area metric associated with the specified property, and receive the first property value associated with the specified property from the server, the first property value comprising an average sales price for all benchmarked marked properties having a property size within a predetermined size range and within the specified geographic area metric.
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29. An index for real estate valuation, comprising a plurality of recorded real estate sale prices within a geographic area metric and a correlation of the recorded real estate prices with a predetermined size metric for the real estate within the geographic area metric, whereby the correlation provides a real estate valuation.
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30. A market value mechanism for compensating home buyers for market devaluation, comprising:
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compiling an index of recorded home sales prices within a predetermined geographic area metric; correlating the recorded home sales prices with the size of a home based on a predetermined property size metric to generate a market value index; and determining a first market value for a reference home having a predetermined size based on the sales price of a first set of recorded homes in the index within a size range of the predetermined sized. - View Dependent Claims (31)
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Specification