Automatically determining a current value for a real estate property, such as a home, that is tailored to input from a human user, such as its owner

DC CAFC

US 7,970,674 B2
Filed: 02/03/2006
Issued: 06/28/2011
Est. Priority Date: 02/03/2006
Status: Active Grant

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1. A method in a computing system for automatically determining a valuation for a subject home in response to input from an owner of the home, comprising:

presenting a display that includes an indication of a first valuation determined for the subject home and indications of attributes of the subject home used in the determination, the indicated valuation being determined by applying to the indicated attributes a geographically-specific home valuation model is based upon a plurality of homes near the subject home recently sold;

presenting a display that solicits input from the owner that updates one or more of the indicated attributes;

receiving first input from the owner that updates one or more of the indicated attributes;

applying the geographically-specific home valuation model to attributes of the subject home as updated by the first input to determine and display a second valuation for the subject home;

presenting a display that solicits input from the owner that identifies the type, cost, and timing of one or more home improvements performed on the subject home;

receiving second input from the owner that identifies the type, cost, and timing of one or more home improvements performed on the subject home;

using the second input to determine and display (a) a present value of the identified home improvements and (b) a third valuation that takes into account the present value of the identified home improvements;

presenting a display that solicits input from the owner that identifies other assets or liabilities of the subject home and the value attributed to them by the owner;

receiving third input from the owner that identifies other aspects of the subject home affecting its value and the value attributed to them by the owner;

determining a valuation adjustment corresponding to the identified aspects;

displaying a fourth valuation that takes into account the determined valuation adjustment corresponding to the identified aspects;

presenting a display that solicits input from the owner that identifies homes near the subject home that the owner regards as similar to the subject home;

receiving fourth input from the owner that identifies homes near the subject home recently sold that the owner regards as similar to the subject home;

using the fourth input to generate a tailored geographically-specific home valuation model that (1) is based upon a plurality of homes near the subject home recently sold that is a superset of the homes identified by the fourth input, but (2) places special emphasis on the homes identified by the fourth input;

applying by a computer the tailored valuation model to the updated attributes of the subject home to obtain a fifth valuation of the subject home; and

displaying the fifth valuation based on the application of the tailored valuation model.

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Abstract

A facility procuring information about a distinguished property from its owner that is usable to refine an automatic valuation of the distinguished property is described. The facility displays information about the distinguished property used in the automatic valuation of the distinguished property. The facility obtains user input from the owner adjusting at least one aspect of information about the distinguished property used in the automatic valuation of the distinguished property. The facility then displays to the owner a refined valuation of the distinguished property that is based on the adjustment of the obtained user input.

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40 Claims

1. A method in a computing system for automatically determining a valuation for a subject home in response to input from an owner of the home, comprising:
- presenting a display that includes an indication of a first valuation determined for the subject home and indications of attributes of the subject home used in the determination, the indicated valuation being determined by applying to the indicated attributes a geographically-specific home valuation model is based upon a plurality of homes near the subject home recently sold;
  
  presenting a display that solicits input from the owner that updates one or more of the indicated attributes;
  
  receiving first input from the owner that updates one or more of the indicated attributes;
  
  applying the geographically-specific home valuation model to attributes of the subject home as updated by the first input to determine and display a second valuation for the subject home;
  
  presenting a display that solicits input from the owner that identifies the type, cost, and timing of one or more home improvements performed on the subject home;
  
  receiving second input from the owner that identifies the type, cost, and timing of one or more home improvements performed on the subject home;
  
  using the second input to determine and display (a) a present value of the identified home improvements and (b) a third valuation that takes into account the present value of the identified home improvements;
  
  presenting a display that solicits input from the owner that identifies other assets or liabilities of the subject home and the value attributed to them by the owner;
  
  receiving third input from the owner that identifies other aspects of the subject home affecting its value and the value attributed to them by the owner;
  
  determining a valuation adjustment corresponding to the identified aspects;
  
  displaying a fourth valuation that takes into account the determined valuation adjustment corresponding to the identified aspects;
  
  presenting a display that solicits input from the owner that identifies homes near the subject home that the owner regards as similar to the subject home;
  
  receiving fourth input from the owner that identifies homes near the subject home recently sold that the owner regards as similar to the subject home;
  
  using the fourth input to generate a tailored geographically-specific home valuation model that (1) is based upon a plurality of homes near the subject home recently sold that is a superset of the homes identified by the fourth input, but (2) places special emphasis on the homes identified by the fourth input;
  
  applying by a computer the tailored valuation model to the updated attributes of the subject home to obtain a fifth valuation of the subject home; and
  
  displaying the fifth valuation based on the application of the tailored valuation model.

2. A computer readable medium for storing contents that causes a computing system to perform a method for procuring information about a distinguished property from its owner that is usable to refine an automatic valuation of the distinguished property, the method comprising:
- displaying at least a portion of information about the distinguished property used in the automatic valuation of the distinguished property;
  
  obtaining user input from the owner adjusting at least one aspect of information about the distinguished property used in the automatic valuation of the distinguished property; and
  
  displaying to the owner a refined valuation of the distinguished property that is based on the adjustment of the obtained user input.
- View Dependent Claims (3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
- - 3. The computer-readable medium of claim 2, further comprising:
    - determining whether any of the altered home attributes is an attribute not present among home sales used to construct the geographically-specific home valuation model; and
      
      if so, displaying a warning.
  - 4. The computer-readable medium of claim 2, further comprising:
    - determining whether the refined valuation diverges from the automatic valuation by more than a threshold percentage; and
      
      if so, displaying a warning.
  - 5. The computer-readable medium of claim 2 wherein the adjustment of the obtained user input includes altering property attributes used in the automatic valuation of the distinguished property, and wherein the displayed refined valuation is based at least in part on the altered property attributes.
  - 6. The computer-readable medium of claim 2 wherein the adjustment of the obtained user input includes adding a description of an improvement to the distinguished property, and wherein the displayed refined valuation is based at least in part on a valuation of the described improvement.
  - 7. The computer-readable medium of claim 2 wherein the adjustment of the obtained user input includes adding a description of an aspect of the distinguished property not considered by the automatic valuation of the distinguished property and an estimate by the owner of its value, and wherein the displayed refined valuation is based at least in part on the estimate of the value of the described aspect.
  - 8. The computer-readable medium of claim 2 wherein the adjustment of the obtained user input includes identifying recent sales of nearby properties regarded by the owner as similar to the distinguished property, and wherein the displayed refined valuation is based at least in part on a repetition of the automatic valuation of the distinguished property in which the influence of the identified sales is magnified.
  - 9. The computer-readable medium of claim 8 wherein the adjustment of the obtained user input further includes identifying a scoring of the properties sold in the identified sales reflecting the relative level of similarity of the sold properties to the distinguished property, and wherein the displayed refined valuation is based at least in part on a repetition of the automatic valuation of the distinguished property in which the influence of the identified sales is magnified in a manner consistent with the identified scores.
  - 10. The computer-readable medium of claim 9 wherein the user input identifies a scoring of the properties sold in the identified sales reflecting the relative level of similarity of the sold properties to the distinguished property by specifying a ranked order for the identified sales.
  - 11. The computer-readable medium of claim 8, the method further comprising displaying a map showing properties in a geographic region surrounding the distinguished property,and wherein the owner identifies the recent sales of nearby properties regarded by the owner as similar to the distinguished property by selecting them on the displayed map.
  - 12. The computer-readable medium of claim 8, the method further comprising displaying a map showing properties in a geographic region surrounding the distinguished property,and wherein the owner identifies each recent sale of a nearby property regarded by the owner as similar to the distinguished property by selecting a control in a popup balloon associated with its location on the displayed map.
  - 13. The computer-readable medium of claim 8, the method further comprising displaying a table comprising rows each containing textual information about a different one of a plurality of recent sales of nearby properties,and wherein the owner identifies each recent sale of a nearby property regarded by the owner as similar to the distinguished property by interaction with the row containing information about the sale.
  - 14. The computer-readable medium of claim 2 wherein the adjustment of the obtained user input includes identifying nearby properties regarded by the owner as similar to the distinguished property, and wherein the displayed refined valuation is based at least in part on a repetition of the automatic valuation of the distinguished property in which the influence of values for the identified sales properties is magnified.

15. A method in a computing system for refining an automatic valuation of a distinguished home based upon input from a user knowledgeable about the distinguished home, comprising:
- obtaining user input adjusting at least one aspect of information about the distinguished home used in the automatic valuation of the distinguished home;
  
  automatically determining a refined valuation of the distinguished home that is based on the adjustment of the obtained user input; and
  
  presenting the refined valuation of the distinguished home.
- View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
- - 16. The method of claim 15 wherein the presenting involves displaying the refined valuation of the distinguished home to a user providing the user input.
  - 17. The method of claim 15 wherein the presenting involves displaying the refined valuation of the distinguished home to a user other than the user providing the user input.
  - 18. The method of claim 15 wherein the automatic valuation of the distinguished home involves applying a geographically-specific home valuation model to attributes indicated by an external data source to be possessed by the distinguished home,and wherein the adjustment of the obtained user input includes altering the home attributes indicated by an external data source to be possessed by the distinguished home, and wherein the determined refined valuation is based at least in part on applying the geographically-specific home valuation model to the altered attributes.
  - 19. The method of claim 18 wherein the geographically-specific home valuation model is a forest of classification trees each constructed from information about recent sales of homes near the distinguished home.
  - 20. The method of claim 18 wherein the geographically-specific home valuation model is a linear regression model constructed from information about recent sales of homes near the distinguished home.
  - 21. The method of claim 18 wherein the geographically-specific home valuation model is a hybrid model, utilizing both a forest of classification trees and a linear regression-derived function, both constructed from information about recent sales of home near the distinguished home.
  - 22. The method of claim 21 wherein the refined valuation is determined by dividing by a first valuation of the distinguished home generated by the linear regression-derived function from the attributes indicated by the external data source to be possessed by the distinguished home a second valuation generated by the linear regression-derived function based upon the altered attributes to obtain a ratio, and wherein the ratio is multiplied by a valuation generated by the forest of classification trees based upon the home attributes indicated by the external data source to be possessed by the distinguished home.
  - 23. The method of claim 21, further comprising weighting in the construction of the linear regression-derived function information about recent sales of individual homes near the distinguished home based upon the extents to which the sold home and the distinguished home are similar to high-value homes near the distinguished home.
  - 24. The method of claim 21, further comprising weighting in the construction of the linear regression-derived function information about recent sales of individual homes near the distinguished home based upon the degree of nearness of each of the sold homes to the distinguished home.
  - 25. The method of claim 18 wherein the geographically-specific home valuation model is constrained to consider only home attributes available for alteration by the user.
  - 26. The method of claim 15 wherein the adjustment of the obtained user input includes adding a description of an improvement to the distinguished home, and wherein the determined refined valuation is based at least in part on a valuation of the described improvement.
  - 27. The method of claim 26 wherein the added improvement description identifies an improvement type and a cost for the described improvement, further comprising determining the valuation of the described improvement by applying a localized improvement cost recovery rate for the identified improvement type to the identified cost.
  - 28. The method of claim 26 wherein the added improvement description identifies an age of the described improvement and a cost for the described improvement,further comprising determining the valuation of the described improvement by applying a depreciation schedule to the identified age and cost.
  - 29. The method of claim 15 wherein the adjustment of the obtained user input includes adding a description of an aspect of the distinguished home not considered by the automatic valuation of the distinguished home and an estimate by a user providing the user input of its value, and wherein the determined refined valuation is based at least in part on the estimate of the value of the described aspect.
  - 30. The method of claim 15 wherein the automatic valuation of the distinguished home involves applying a geographically-specific home valuation model to attributes indicated by an external data source to be possessed by the distinguished home,and wherein the adjustment of the obtained user input includes identifying recent sales of nearby homes regarded as similar to the distinguished home, the method further comprising:
    - constructing a new geographically-specific home valuation model that emphasizes the significance of the identified sales; and
      
      applying the constructed new geographically-specific home valuation model to attributes of the distinguished home to obtain a result,and wherein the determined refined valuation is based at least in part on the obtained result.
  - 31. The method of claim 30 wherein the constructed new geographically-specific home valuation model is applied to attributes indicated by the external data source to be possessed by the distinguished home.
  - 32. The method of claim 30 wherein the adjustment of the obtained user input further includes altering the home attributes indicated by the external data source to be possessed by the distinguished home, and wherein the constructed new geographically-specific home valuation model is applied to altered attributes.
  - 33. The method of claim 30 wherein adjustment of the obtained user input further includes identifying a scoring of the homes sold in the identified sales reflecting the relative level of similarity of the sold homes to the distinguished home, and wherein the constructed new geographically-specific home valuation model emphasizes the significance of the identified sales in a manner consistent with the identified scoring.
  - 34. The method of claim 30, further comprising:
    - among the identified recent sales of nearby homes regarded as similar to the distinguished home, determining an average selling price per square foot;
      
      multiplying the determined average selling price per square foot by the floor area of the distinguished home to obtain an alternate valuation of the distinguished home; and
      
      before presenting the refined valuation of the distinguished home, blending into the refined valuation of the distinguished home the obtained alternate valuation.
  - 35. The method of claim 30 wherein the constructed new geographically-specific home valuation model also emphasizes the significance of sales of homes whose locations are determined to be near the location of the distinguished home.
  - 36. The method of claim 35 further comprising determining that the location of a home recently sold is near the location of the distinguished home if it has the same zip code as the distinguished home.
  - 37. The method of claim 35 further comprising determining that the location of a home recently sold is near the location of the distinguished home if it has the same neighborhood name as the distinguished home.
  - 38. The method of claim 30, further comprising:
    - accessing a floor area attribute of the distinguished home and the nearby homes whose recent sales were identified, and a selling price for each of the identified sales;
      
      determining among the identified sales a selling price per square foot metric;
      
      multiplying the obtained selling price per square foot metric by the floor area of the distinguished home to obtain a product; and
      
      combining the product with the result to obtain the determined refined valuation.
  - 39. The method of claim 35 further comprising determining that the location of a home recently sold is near the distinguished home if the location of the distance between it and the distinguished home is less than a threshold distance.
  - 40. The method of claim 15 wherein the automatic valuation of the distinguished home involves applying a geographically-specific home valuation model to attributes indicated by an external data source to be possessed by the distinguished home,and wherein the adjustment of the obtained user input includes both (1) altering the home attributes indicated by an external data source to be possessed by the distinguished home and (2) adding a description of an improvement to the distinguished home,the method further comprising detecting that the alteration of home attributes and the improvement description are both directed to adding a new feature to the distinguished home,and wherein, in response to the detecting, the determined refined valuation is based at least in part on applying the geographically-specific home valuation model to the altered attributes, and is not based on the improvement description.

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Current Assignee
MFTB Holdco Incorporated
Original Assignee
Zillow, Inc. (Zillow Group, Inc.)
Inventors
Xiang, Dong, Cheng, David, Humphries, Stan, Burstein, Jonathan, Chung, Kyusik
Primary Examiner(s)
Apple; Kirsten S
Assistant Examiner(s)
Basit; Abdul

Application Number

US11/347,024
Publication Number

US 20070198278A1
Time in Patent Office

1,971 Days
Field of Search

705/35, 705/313
US Class Current

705/35
CPC Class Codes

G06Q 10/10   Office automation; Time man...

G06Q 30/02   Marketing; Price estimation...

G06Q 30/0278   Product appraisal

G06Q 40/00   Finance; Insurance; Tax str...

G06Q 50/16   Real estate

Automatically determining a current value for a real estate property, such as a home, that is tailored to input from a human user, such as its owner

First Claim

5 Assignments

Litigations

3 Petitions

Accused Products

Abstract

77 Citations

40 Claims

Specification

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Automatically determining a current value for a real estate property, such as a home, that is tailored to input from a human user, such as its owner

First Claim

5 Assignments

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Litigations

3 Petitions

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Accused Products

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Abstract

77 Citations

40 Claims

Specification

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Use Cases

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Others