SYSTEM AND METHOD FOR UTILIZING SENTIMENT BASED INDICATORS IN DETERMINING REAL PROPERTY PRICES AND DAYS ON MARKET
First Claim
1. A method of estimating the number of days that a real property is likely to be listed before a transaction occurs, said real property being listed at a particular price, and having been viewed a measured number of times within a predetermined time period after being listed, the method comprising the steps of:
- accessing a listing and sales database containing a plurality of real property listings and transaction information for those real property listings, the transaction information including the number of days that a property was listed before a transaction occurred, and the number of times that a property was viewed within a predetermined time period after it was listed;
deriving a model relating the number of times that a property was viewed within said predetermined time period after it was listed to the number of days that it was listed prior to a transaction occurring; and
predicting the number of days that said listed property will be listed prior to a transaction occurring using said model and the measured number of times that said property was viewed within said predetermined time period after being listed.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for estimating the final sales price and amount of time required to sell a newly listed property based on the number of viewings that the property receives within a predetermined time of the properties listing. A model is constructed based on comparable properties, and the number of viewings that the newly listed property receives within the predetermined time period is compared to the number of viewings that properties within the model set received within the same time period after their respective listings. On-market days and percent of listing price are derived from this model.
37 Citations
9 Claims
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1. A method of estimating the number of days that a real property is likely to be listed before a transaction occurs, said real property being listed at a particular price, and having been viewed a measured number of times within a predetermined time period after being listed, the method comprising the steps of:
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accessing a listing and sales database containing a plurality of real property listings and transaction information for those real property listings, the transaction information including the number of days that a property was listed before a transaction occurred, and the number of times that a property was viewed within a predetermined time period after it was listed; deriving a model relating the number of times that a property was viewed within said predetermined time period after it was listed to the number of days that it was listed prior to a transaction occurring; and predicting the number of days that said listed property will be listed prior to a transaction occurring using said model and the measured number of times that said property was viewed within said predetermined time period after being listed. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of estimating a percent of a listing price that a real property is likely to be sold at, said real property having been viewed a measured number of times within a predetermined time period after being listed, the method comprising the steps of:
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accessing a listing and sales database containing a plurality of real property listings and transaction information for those real property listings, the transaction information including a listing price, a sales price, and a number of times that a property was viewed within a predetermined time period after it was listed; deriving a model relating the number of times that a property was viewed within said predetermined time period after it was listed to the ratio of the sales price to the listing price; and predicting a ratio of sales price to listing price for said listed property using said model and the measured number of times that said property was viewed within said predetermined time period after being listed.
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Specification