Using Data-Mapping Technology in Appraisals

Our office is always looking for ways to improve our appraisal insights for our clients. Technology and data have been at the forefront of our efforts to create more user-friendly reports. This led us to start playing with visual interpretations of the market data.

The “heat map” is a visual representation of Close Sale Prices in Philadelphia’s Chestnut Hill section, over the past year. The lower values are on the cooler (blue) side of the scale and the higher values are on the warmer (red) side of the scale. If you are familiar with Chestnut Hill, the map makes a lot of sense. The estate section is on the west side (west of Seminole Ave), adjacent to Fairmount Park. The homes there are larger, estate homes that sell for millions. East of Germantown Ave is where smaller, more modest homes are prevalent.

What I like about this map is that it conveys visually to the end-user that there may be two very distinct markets within Chestnut Hill. The information can be used by an appraiser support the need for a location adjustment within the 19118 MLS Area.

There has been a lot of discussion about appraiser-bias in the news these days. This map can be used to help eliminate any real or perceived appraiser-bias. The colors on the map are about as neutral and unbiased a representation of the market that you will ever get.

At The Coyle Group, we are always striving to set ourselves apart from the other appraisal firms out there. The heat map is just one example of how we are making the appraisal experience more transparent and informative for our clients.

If you have any questions about how we can assist you with your appraisal needs, feel free to reach out.

#philadelphia #philadelphiaappraisal #appraiser #appraisal #ChestnutHill #chestnuthillpa #PhillyRealEstate


Comment Here on this Post...