Automated valuation model with customizable neighborhood determination

Abstract

Automated valuation model with customizable neighborhood determination. 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.

1 . A method property valuation, the method comprising:
 prompting display of a map image corresponding to a geographical area;   receiving an identification of a defined geographic area within the geographical area, the defined geographic area being defined through received user input associated with the display of the map image;   accessing property data corresponding to properties within the defined geographic area;   applying an automated valuation to the property data after receiving the identification of the defined geographic area; and   displaying information for properties within the defined geographic area based upon results of applying the automated valuation, the properties including model-chosen properties and appraiser-chosen properties, wherein a ranked listing of appropriateness of the properties as comparable properties to a subject property is concurrently displayed with the map image.   
     
     
         2 . The method of  claim 1 , wherein the defined geographic area is a polygon, wherein the received user input identifies a plurality of segments constituting the polygon. 
     
     
         3 . The method of  claim 1 , wherein the defined 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 defined 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 , wherein the defined geographic area is defined according a distance from the subject property, such that the automated valuation is applied only to the property data for properties within the distance from the subject property. 
     
     
         6 . The method of  claim 1 , wherein the defined geographic area is defined as being coincident with a currently displayed map image. 
     
     
         7 . The method of  claim 1 , further comprising:
 displaying indicators on the map image indicative of the subject property and at least one of the comparable properties.   
     
     
         8 . 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 the 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 ranked listing is determined based upon a weighting of the candidate comparable properties based upon the economic distance from the subject property.   
     
     
         9 . 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 a defined geographic area within the geographical area, the defined geographic area being defined through received user input associated with the display of the map image;   accessing property data corresponding to properties within the defined geographic area;   applying an automated valuation to the property data after receiving the identification of 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, the properties including model-chosen properties and appraiser-chosen properties, wherein a ranked listing of appropriateness of the properties as comparable properties to a subject property is concurrently displayed with the map image.   
     
     
         10 . The computer readable medium of  claim 9 , wherein the defined geographic area is a polygon, wherein the received user input identifies a plurality of segments constituting the polygon. 
     
     
         11 . The computer readable medium of  claim 9 , wherein the defined geographic area is defined according a plurality of segments, wherein the received user input identifies the plurality of segments in free form fashion. 
     
     
         12 . The computer readable medium of  claim 9 , wherein the defined 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. 
     
     
         13 . The computer readable medium of  claim 9 , wherein the defined geographic area is defined according a distance from the subject property, such that the automated valuation is applied only to the property data for properties within the distance from the subject property. 
     
     
         14 . The computer readable medium of  claim 9 , wherein the defined geographic area is defined as being coincident with a currently displayed map image. 
     
     
         15 . The computer readable medium of  claim 9 , wherein the operations further comprise:
 displaying indicators on the map image indicative of the subject property and at least one of the comparable properties.   
     
     
         16 . The computer readable medium of  claim 9 , 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 the 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 ranked listing is determined based upon a weighting of the candidate comparable properties based upon the economic distance from the subject property.   
     
     
         17 . 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 a defined geographic area within the geographical area, the defined geographic area being defined through received user input associated with the display of the map image;   means for accessing property data corresponding to properties within the defined geographic area;   means for applying an automated valuation to the property data after receiving the identification of 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, the properties including model-chosen properties and appraiser-chosen properties, wherein a ranked listing of appropriateness of the properties as comparable properties to a subject property is concurrently displayed with the map image.   
     
     
         18 . The system of  claim 17 , wherein the defined 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. 
     
     
         19 . The system of  claim 17 , wherein the defined geographic area is defined according a distance from the subject property, such that the automated valuation is applied only to the property data for properties within the distance from the subject property. 
     
     
         20 . The system of  claim 17 , 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 the 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 ranked listing of comparable properties is determined based upon a weighting of the candidate comparable properties based upon the economic distance from the subject property.