We’re thrilled to announce the release of HouseCanary’s advanced regression analytics integrated directly into our appraisal software! Now, it’s easier than ever for appraisers to make data-driven adjustments.
HouseCanary is the first to offer multiple linear regression analysis built directly into our appraisal software at no additional cost. With this breakthrough appraisal tool, you can now leverage HouseCanary’s advanced calculations to measure the effect of multiple features on a property’s value.
For the uninitiated, regression analysis can be used for studying the relationship between a property's value and its specific characteristics, such as gross living area (GLA), number of bedrooms, etc. What if, for example, all of the selected comparables in a given analysis have a different number of bathrooms, bedrooms, or varying GLAs? By using multiple linear regression, appraisers can mathematically determine the effect multiple varying characteristics have on a property value.
To learn more about regression, read our blog, "Changes to USPAP 2018-2019 Part III: Analyzing the data" by Dr. Keying Ye.
Dynamic, bullet-proof analyses have become imperative as new industry regulations question the universal application of paired sales analysis. Appraisers are increasingly required to have data-based justifications for their adjustments to complement their expertise.
HouseCanary takes regression a step further, powering our models with over ten years of industry-leading data including transaction history from public records and listing prices from MLS in the subject’s census tract. We’ve created the industry’s most accurate regression modeling while still ensuring that appraisers have the final say in the valuation, making this a must-have tool.
More than ever, appraisers are asked to provide actionable data to successfully defend their work against inquiries from Fannie Mae, their state board, and their AMC or lender clients.
HouseCanary’s built-in regression modeling makes it easy to do, keeping appraisers on top of the changing regulatory environment and forthcoming USPAP requirements such as Advisory Opinion 37.
Once the valuation is complete, appraisers can export graphs and visuals directly into their reports with the PDF Output, helping them justify their adjustments to their clients or regulatory bodies in a digestible format. The analysis is simple and comprehensive, making it easier than ever for appraisers to make data-driven comp adjustments directly from their tablet or desktop computer.
“HouseCanary’s regression modeling makes the appraisal process faster, easier, and more accurate. We’re supercharging an appraiser’s expertise by supplying them not only with algorithmically derived adjustments, but also with PDF outputs automatically included in the addendum that help justify appraisal decisions and further minimize revision requests,” says Steve O’Brien, Chief Appraiser of HouseCanary.
The appraisal world may be changing quickly, but it doesn't have to be hard to adapt. To get started with HouseCanary Appraiser and applying regression analysis to your appraisals, sign up for an account or email us at Sales@housecanary.com.