INVestimate® can be preliminary reference in determining the investment potential of a property; and is not an actual investment performance of the property. INVLestimate is auto computed for about 110 million homes nationwide based on millions of data points focusing on features such as price, rent, location, market growth, employment and rentability.
INVestimate is derived from two key HomeUnion's
HomeUnion Price REALestimate
HomeUnion Price REALestimate (a.k.a Price REALestimate) is a "site unseen" fair market value for a property in the United States regardless of its recent sale. Price REALestimate comprises a predicted property value and a confidence interval or range, with lower and upper values, that accounts for the spotty knowledge about the condition of the property.
HomeUnion uses machine learning techniques to predict Price at a specific point in time by regressing values of comparable properties onto a set of features (predictors) that include:
Measure of AccuracyPrice RealEstimate
One measure of accuracy is to compare the predicted Price REALestimate with actual sale price of a property. To assess how well the models perform, statistically, we compare all recent sales (within the last year) and determine the number of estimate predictions that are off by ±5%, ±10% from the actual sale.
For an overall performance of the model at State, County, City and ZIP levels, we measure Median Absolute Percentage Error [MAPE aka MdAPE] and to understand over prediction or under prediction in a location, we measure Median Percentage Error [MPE].