What actually determines the value of real estate and what tools are available for appraisers today?
Correlation analysis of the influence of one of the factors
Location significantly determines the price of real estate. Geometa provides services to collect data, analyze the market, calculate the market price and identify dozens of factors that affect the cost.
Geometa provides tools for individual and mass appraisal of real estate objects based on spatial analysis.
Individual assessment is used by realtors and appraisers for the sale or purchase of individual objects. There is variety of factors which are important for determining housing price — such as attachment to a certain school with a high rating, proximity to recreational areas, ecology status, safety and transport accessibility.
Factors that affect the price of commercial real estate are more diverse. The availability of energy resources and proximity to logistics centers are more important for ones, the presence of consumers nearby and the location of competitors affects more impact for others.
Mass valuation is used to calculate the amount of taxes and appraisal, which is important for banks to determine the value of collateral. The peculiarity of the mass appraisal is that the price can also be determined for objects that have never been sold or bought before. Such appraisal is based on the analysis of analogue objects.
The level of attractiveness of public spaces in Kazan
Geometa allows you to create the characteristics of real estate objects’ database and compare it with the market information — classifiedes, transactions’ history and valuation reports.
Using Geometa spatial analysis tools, the composition of factors that affect the price of real estate of a certain type is determined in a particular territory. As a result the model can be created that allows you to automate the calculation of the value of real estate based on such data and spatial data about the infrastructure of the territory.
Video — processing cadastral data from the state register of real estate, Tyumen