SEARCHING REAL ESTATE USING SPATIAL EXCLUSION CONDITIONS

• US 20130103595A1
• Filed: 10/24/2011
• Published: 04/25/2013
• Est. Priority Date: 10/24/2011
• Status: Abandoned Application

• Current Assignee: Fannie Mae
• Original Assignee: Fannie Mae
• Inventors: Berry, Megan C., Chen, Yong, Davis, Adam, Herder, Nathan Pieter Den, Rosenblatt, Eric
• Application Number:
  US13/279,808
• Publication Number:
  US 20130103595A1
• Time in Patent Office: Days
• US Class Current: 705/306
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 50/163 Real estate management
• CPC Class Codes: G09B 29/007 using computer methods

Abstract

Automated valuation model with customizable neighborhood determination, including spatial exclusion conditions. A map image is displayed corresponding to a geographical area, and then user input accommodates definition of a particularly defined geographic area to provide custom identification of a neighborhood to be subject to automated valuation. Once the defined geographic area is established, the automated valuation model is applied to property data corresponding to properties within the defined geographic area. A subject property and corresponding properties within the defined geographic area are then displayed on a map image, preferably with articulation of the defined geographic area as the neighborhood of interest. The neighborhood may be defined by, among other criteria, inclusion within a user-defined shape, as well as exclusion of a user-defined shape from a displayed geographic area.

Claims

1. A method for property valuation, the method comprising:

prompting display of a map image corresponding to a geographical area;

receiving an identification of an excluded geographic area within the geographical area, to identify a defined geographic area that excludes the excluded geographic area;

accessing property data corresponding to properties within the defined geographic area;

applying an automated valuation to the property data for the defined geographic area; and

displaying information for at least one property in the defined geographic area based upon results of applying the automated valuation.

2. The method of claim 1, wherein the excluded geographic area is defined by a polygon, wherein the received user input identifies a plurality of segments constituting the polygon.

3. The method of claim 1, wherein the excluded geographic area is defined according a plurality of segments, wherein the received user input identifies the plurality of segments in free form fashion.

4. The method of claim 1, wherein the excluded geographic area is defined according to a plurality of segments, and at least one of the plurality of segments is automatically suggested for selection based upon correlation of the at least one segment to a geographical feature in the map image.

5. The method of claim 1, further comprising:

receiving an identification of a subject property;

ranking comparable properties in the defined geographic area based upon the results of the automated valuation; and

displaying indicators on the map image indicative of the subject property and at least one of the comparable properties.

6. The method of claim 1, wherein applying the automated valuation comprises:

performing a regression based upon the property data, the regression modeling the relationship between price and explanatory variables;

identifying candidate comparable properties within the defined geographic area;

determining a set of value adjustments for the candidate comparable properties based upon differences in the explanatory variables between a subject property and the candidate comparable properties; and

determining an economic distance between the subject property and respective ones of the candidate comparable properties, the economic distance constituted as a quantified value determined from the set of value adjustments for each respective comparable property,

wherein the ranking of comparable properties is determined based upon a weighting of the candidate comparable properties based upon the economic distance from the subject property.

18. The system of claim 1, wherein applying the automated valuation comprises:

performing a regression based upon the property data, the regression modeling the relationship between price and explanatory variables;

identifying candidate comparable properties within the defined geographic area;

determining a set of value adjustments for the candidate comparable properties based upon differences in the explanatory variables between a subject property and the candidate comparable properties; and

determining an economic distance between the subject property and respective ones of the candidate comparable properties, the economic distance constituted as a quantified value determined from the set of value adjustments for each respective comparable property,

wherein the ranking of comparable properties is determined based upon a weighting of the candidate comparable properties based upon the economic distance from the subject property.

7. A non-transitory computer readable medium storing program code for property valuation, the program code being executable to perform operations comprising:

prompting display of a map image corresponding to a geographical area;

receiving an identification of an excluded geographic area within the geographical area, to identify a defined geographic area that excludes the excluded geographic area;

accessing property data corresponding to properties within the defined geographic area;

applying an automated valuation to the property data for the defined geographic area; and

displaying information for at least one property in the defined geographic area based upon results of applying the automated valuation.

8. The computer readable medium of claim 7, wherein the excluded geographic area is defined by a polygon, wherein the received user input identifies a plurality of segments constituting the polygon.

9. The computer readable medium of claim 7, wherein the excluded geographic area is defined according a plurality of segments, wherein the received user input identifies the plurality of segments in free form fashion.

10. The computer readable medium of claim 7, wherein the excluded geographic area is defined according to a plurality of segments, and at least one of the plurality of segments is automatically suggested for selection based upon correlation of the at least one segment to a geographical feature in the map image.

11. The computer readable medium of claim 7, wherein the operations further comprise:

receiving an identification of a subject property;

ranking comparable properties in the defined geographic area based upon the results of the automated valuation; and

displaying indicators on the map image indicative of the subject property and at least one of the comparable properties.

12. The computer readable medium of claim 7, wherein applying the automated valuation comprises:

performing a regression based upon the property data, the regression modeling the relationship between price and explanatory variables;

identifying candidate comparable properties within the defined geographic area;

determining a set of value adjustments for the candidate comparable properties based upon differences in the explanatory variables between a subject property and the candidate comparable properties; and

determining an economic distance between the subject property and respective ones of the candidate comparable properties, the economic distance constituted as a quantified value determined from the set of value adjustments for each respective comparable property,

wherein the ranking of comparable properties is determined based upon a weighting of the candidate comparable properties based upon the economic distance from the subject property.

13. A system for property valuation, the system comprising:

means for prompting display of a map image corresponding to a geographical area;

means for receiving an identification of an excluded geographic area within the geographical area, to identify a defined geographic area that excludes the excluded geographic area;

means for accessing property data corresponding to properties within the defined geographic area;

means for applying an automated valuation to the property data for the defined geographic area; and

means for displaying information for at least one property in the defined geographic area based upon results of applying the automated valuation.

14. The system of claim 13, wherein the excluded geographic area is defined by a polygon, wherein the received user input identifies a plurality of segments constituting the polygon.

15. The system of claim 13, wherein the excluded geographic area is defined according a plurality of segments, wherein the received user input identifies the plurality of segments in free form fashion.

16. The system of claim 13, wherein the excluded geographic area is defined according to a plurality of segments, and at least one of the plurality of segments is automatically suggested for selection based upon correlation of the at least one segment to a geographical feature in the map image.

17. The system of claim 13, further comprising:

means for receiving an identification of a subject property;

means for ranking comparable properties in the defined geographic area based upon the results of the automated valuation; and

means for displaying indicators on the map image indicative of the subject property and at least one of the comparable properties.