ONLINE USER DIRECTED VALUATION MODEL (UDVM)
First Claim
1. A computer-implemented method for collective property valuation comprising the steps of:
- a computational device mapping one or more data sets derived from home sales data to a scale used by a user to enter scalar ratings of a subject property;
a computational device accepting said user ratings, said user ratings indicative of at least one attribute of said subject property related to supply and demand in the housing market of a community in which the property is located;
a computational device calculating a collective-based valuation of said subject property from said user ratings; and
a computational device outputting the collective-based valuation.
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Abstract
A system and method for collective-based property valuation with a mobile client provides a user interface to a device that allows parties viewing a property to enter estimates of the property'"'"'s value. Fields for a number of property attributes allow viewers to select scaled values indicative of supply and demand in a subject market. The values are used to create new cost-per-square foot and cost-basis valuations of the subject property. The accuracy of the home valuation improves with each additional valuation, resulting in valuations that truly reflect supply and demand in the subject market. Separate values for house, lot, estimated sales price and current market value are calculated and displayed. A past sales price engine estimates a current sales price based on a past sales price and the average appreciation for a neighborhood. A user interface feature allows different users to enter rating data in succession.
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Citations
24 Claims
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1. A computer-implemented method for collective property valuation comprising the steps of:
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a computational device mapping one or more data sets derived from home sales data to a scale used by a user to enter scalar ratings of a subject property; a computational device accepting said user ratings, said user ratings indicative of at least one attribute of said subject property related to supply and demand in the housing market of a community in which the property is located; a computational device calculating a collective-based valuation of said subject property from said user ratings; and a computational device outputting the collective-based valuation. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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2. The method of claim 2, wherein said collective-based valuation is known as a Toggle and wherein said Toggle includes a plurality of values calculated at least from said user rating, said values including one or more of:
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Fair Value in a Balanced Market (FVBM); Estimated Selling Price (ESP); Residential Occupied Lot Value (RESOC); Peak Market Price; Authenticated Results; said user'"'"'s most recent Toggle for the subject property; and said user'"'"'s Toggle Average for the subject property. - View Dependent Claims (3)
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20. An apparatus for collective-based property valuation comprising:
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a processor configured for mapping one or more data sets derived from prior home sales to a scale used by a user to enter scalar ratings of a subject property; a processor configured for accepting said user ratings, said user ratings indicative of at least one attribute of said subject property related to supply and demand in the housing market of a community in which the property is located; a processor configured for calculating a collective-based valuation of said subject property from said user ratings; and a processor configured for outputting the collective-based valuation.
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21. A method of using an apparatus for collective-based property valuation comprising the steps of:
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selecting a community; entering a property address; specifying a housing type; specifying a market segment; entering or confirming square footage of a structure on said property; in the case of a property having a pool, specifying a pool value; estimating a lot value; estimating a value of structure value; requesting calculation of said valuation; and receiving said valuation.
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22. A tangible computer-readable medium, said computer-readable medium having computer-readable code embodied thereon for performing the steps of a method for collective-based property valuation, the method comprising the steps of:
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mapping one or more data sets derived from prior home sales to a scale used by a user to enter scalar ratings of a subject property; accepting said user ratings, said user ratings indicative of at least one attribute of said subject property related to supply and demand in the housing market of a community in which the property is located; calculating a collective-based valuation of said subject property from said user ratings; and outputting the collective-based valuation.
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23. A method of using a system for web-based user-directed valuation comprising the steps of:
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a plurality of interacting users rating an item offered for sale by means of at least one computational device programmed with a common online software model; and each of said plurality of users receiving back quantitative valuations for the for the item offered for sale reflective of their ratings; and each of said plurality of users receiving back an algorithmic valuation of the he item offered for sale reflective of other user ratings; and each of said plurality users increasing efficiency of a market for said item offered for sale with each additional interaction among said plurality of users. efficiency of any market for thinly traded, unique, or difficult to value property increases with each additional user interaction.
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24. A system for web-based user-directed valuation comprising:
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a computational device programmed for a plurality of interacting users to rate an item offered for sale; and a computational device programmed for each of said plurality of users to receive back quantitative valuations for the for the item offered for sale reflective of their ratings; and a computational device programmed for each of said plurality of users to receive back an algorithmic valuation of the he item offered for sale reflective of other user ratings; and a computational device programmed for increasing efficiency of a market for said item offered for sale with each additional interaction among said plurality of users.
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Specification