Aiming to take property valuation to another level, Dart Appraisal, a nationwide, independent appraisal management company, announced this week that it is partnering with HouseCanary, a real estate data analytics company, to launch a new automated valuation report.
According to the companies, the report is designed for lenders to use and provides an “on-demand valuation, risk assessment and market data for a single property or entire portfolios.”
In a release, Dart Appraisal said that this new valuation report goes beyond a standard Automated Valuation Model because of the partnership with HouseCanary, a winner of HousingWire Magazine’s 2017 HW Tech100.
According to the companies, the new report provides “comprehensive property details, including its sales history and a suitability score, ranking the subject property against its 10 closest, algorithmically selected comparables.”
The companies said that lenders will also receive an “understanding of the local market, as well as a three-year value forecast for both the subject property and the market environment.”
Jeremy Sicklick, HouseCanary CEO, provided some insight into how HouseCanary’s data and analytics can provide a more comprehensive view of a property.
“HouseCanary measures price movements on every residential block in the country, allowing for precise home valuations,” Sicklick said.
“Our algorithms combine 40 years of history, 1 billion residential transactions and hundreds of proprietary calculations influencing home values, providing lenders a modern way to accelerate loan origination and underwriting,” Sicklick added. “We’re excited to work with Dart Appraisal to meet the new demand.”
Michael Dresden, president of Dart Appraisal, said this latest offering is part of the company’s efforts to provide “the most unique and efficient products” for its customers.
“The Value Report is a modern option for lenders who want to value their portfolio, or who need a quick valuation on a property that provides more detail than a standard Automated Valuation Model,” Dresden said.