Method for monitoring and reporting changes in the value of real estate

Abstract

This invention discloses a process involving automatic notification to interested individuals of current real estate values. The process consists of a monitoring service entity, external data source, and end-user. The disclosed embodiments include a process whereby parties can be directly notified of real estate values or alternatively may initiate contact with the monitoring entity to receive data.

1 .- 15 . (canceled) 
     
     
         16 . A computing system configured to render interactive user interfaces configured for displaying an evaluation of a real estate property, the computing system comprising:
 a computer processor;   a database repository storing sales data for real estate properties; and   a non-transitory computer readable storage medium storing program instructions configured for execution by the computer processor in order to cause the computing system to:
 generate first user interface data configured for rendering on a remote user computer to provide user interface elements usable by the user to select a first real estate property for which a price estimate is desired; 
 transmit the first user interface data to the remote user computer; 
 receive data corresponding to the selected first real estate property from said first interactive user interface; 
 access a database including associations between each of a plurality of geographical areas and a corresponding plurality of real estate properties within the respective geographical areas; 
 based on said access, identify a geographical area corresponding to the first real estate property indicated in the received data; 
 determine a plurality of real estate properties within the identified geographical area; 
 querying the database repository for sales data for the plurality of real estate properties during a first time period, said sales data including at least sales prices for each of the plurality of real estate properties over the first time period; 
 identify a subset of the plurality of real estate properties within the identified geographical area as most recent local sales for use in generating the price estimate for the first real estate property; 
 based on sales data for the identified most recent listed sales of real estate properties, evaluate changes of value in sales prices over the first time period; 
 generate, for the first real estate property, a price estimate based at least in part on said evaluation of changes of value in the most recent listed sales; 
 generate second user interface data for rendering a second user interface on the remote user computer, said second user interface data including:
 the generated price estimate of the first real estate property, and 
 sales data for at least one of the most recent listed sales over the first time period; and 
 
 transmit the second user interface data to the remote user computer. 
   
     
     
         17 . The computing system of  claim 16 , wherein said identifying the subset of the plurality of real estate properties as most recent local sales comprises selecting real estate properties of the plurality of real estate properties having sales data within a price range as most recent local sales and excluding real estate properties of the plurality of real estate properties having sales data outside of the price range from the subset of real estate properties identified as most recent local sales. 
     
     
         18 . The computing system of  claim 16 , wherein said second user interface data further comprises historical values of the first real estate property. 
     
     
         19 . The computing system of  claim 16 , wherein said second user interface data further comprises map data corresponding to the first real estate property. 
     
     
         20 . The computing system of  claim 16 , wherein said identify a geographical area corresponding to the first real estate property comprises identifying a geographical area within a predetermined radius of the first real estate property. 
     
     
         21 . A computing system configured to render a user interface for displaying an evaluation of a real estate property, the computing system comprising:
 a computer processor;   a data repository storing sales data for real estate properties; and   a computer readable storage medium storing program instructions configured for execution by the computer processor in order to cause the computing system to:
 transmit a first interactive user interface configured to allow a user to select a first real estate property; 
 receive data corresponding to the selected first real estate property from said first interactive user interface; 
 identify a geographical area based on the received data corresponding to the selected first real estate property; 
 access the data repository storing sales data for real estate properties in the identified geographical area during a first time period; 
 evaluate change in value of the real estate properties based in part on the accessed sales data, from the data repository, said accessed sales data including at least a sales prices for ones of the real estate properties in the geographic area over the first time period; 
 generate, for the first real estate property, a price estimate based at least in part on said evaluation of said sale price of real estate properties in the geographical area over the first time period; 
 generate user interface data for rendering a second user interface on a computing device, said user interface data including the generated price estimate of the first real estate property based at least in part on said evaluation of said sale price of real estate properties in the geographical area over the first time period, said user interface data further including at least one or more accessed sales data from the data repository for real estate properties in the geographical area over the first time period; and 
 transmit the user interface data to the computing device for rendering the second user interface displaying at least the price estimate of the first real property and the accessed sales data, from the data repository, including said sale price of real estate properties in the geographical area over the first time period. 
   
     
     
         22 . The computing system of  claim 21 , wherein said user interface data further comprises historical values of the first real estate property. 
     
     
         23 . The computing system of  claim 21 , wherein said user interface data further comprises map data corresponding to the first real estate property. 
     
     
         24 . The computing system of  claim 21 , wherein said identify a geographical area based on the received data corresponding to the selected first real estate property comprises identifying a geographical area within a predetermined radius of the first real estate property. 
     
     
         25 . A method of monitoring real estate values comprising:
 receiving selection of a first real estate property from a first user interface; and   displaying a price estimate of a second real estate property in a geographical area associated with the first real estate property;   wherein, said price estimate is determined, using a hardware processor, by at least:
 retrieving sale prices for real estate properties in the geographical area of the first real estate property from a first time period; and 
 evaluating how the sale price for real estate properties in the geographical area of the first real estate property affects a value of the second real estate property. 
   
     
     
         26 . The method of  claim 25 , further comprising displaying a map juxtaposed with an indication of the first real estate property. 
     
     
         27 . The method of  claim 25 , further comprising displaying historical equity of the first real estate property.