Comments on: ziprealty.com Introduces Realius Community Estimator http://www1.propertyportalwatch.com/2008/12/ziprealtycom-introduces-realius-community-estimator/ Everything You Need to Know About Property Portals. Thu, 18 Mar 2010 04:06:22 +1100 http://wordpress.org/?v=2.8.6 hourly 1 By: Chuck Teller http://www1.propertyportalwatch.com/2008/12/ziprealtycom-introduces-realius-community-estimator/comment-page-1/#comment-1087 Chuck Teller Wed, 24 Dec 2008 22:21:38 +0000 http://www1.propertyportalwatch.com/?p=1832#comment-1087 John: The algorithm protects against the issue you raise by using an "authority" model to weight the relative strength of predictions. If you think of it as a tool for those in the market that want to get comfortable with neighborhood prices, it works great even if there is only one prediction (mine). It lets me record what I think the home is worth and then let's me know how close I was to the sales price when it sells. Chuck John:
The algorithm protects against the issue you raise by using an “authority” model to weight the relative strength of predictions.

If you think of it as a tool for those in the market that want to get comfortable with neighborhood prices, it works great even if there is only one prediction (mine). It lets me record what I think the home is worth and then let’s me know how close I was to the sales price when it sells.
Chuck

]]> By: JohnK http://www1.propertyportalwatch.com/2008/12/ziprealtycom-introduces-realius-community-estimator/comment-page-1/#comment-1039 JohnK Wed, 17 Dec 2008 11:39:38 +0000 http://www1.propertyportalwatch.com/?p=1832#comment-1039 Perhaps the weakness is that input could be mischievously entered by people not remotely interested in the property. Even well-meant opinions by people not in the buying phase would skew the predictions and lead genuine buyers to be well away from the mark with their offer. I think it may cloud the issue of price on properties that attracted only one or two predictions. It may also be manipulated by the vendor and/or their friends. Perhaps the weakness is that input could be mischievously entered by people
not remotely interested in the property.
Even well-meant opinions by people not in the buying phase would skew the predictions and lead genuine buyers to be well away from the mark with their offer.
I think it may cloud the issue of price on properties that attracted only one or two predictions.
It may also be manipulated by the vendor and/or their friends.

]]> By: michael http://www1.propertyportalwatch.com/2008/12/ziprealtycom-introduces-realius-community-estimator/comment-page-1/#comment-1028 michael Tue, 16 Dec 2008 22:15:50 +0000 http://www1.propertyportalwatch.com/?p=1832#comment-1028 Community input is here in news (Digg, etc.), products reviews (Amazon), and many other things. It should be a core part of real estate search. We are the ones buying the homes, so our opinion about price is totally relevant. I think what Zip and Realius launched is very cool! Why should we suppress community input on pricing. Let the price predictions roll in. What do you think? Michael Community input is here in news (Digg, etc.), products reviews (Amazon), and many other things. It should be a core part of real estate search. We are the ones buying the homes, so our opinion about price is totally relevant. I think what Zip and Realius launched is very cool! Why should we suppress community input on pricing. Let the price predictions roll in. What do you think?

Michael

]]>