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Data Analysis is Changing the Real Estate Industry

Friday, March 9, 2018   /   by Ruth Ballantyne

Data Analysis is Changing the Real Estate Industry


Data Analysis is Changing the Real Estate Industry.



 



Homeowners may find it useful to understand how data analysis assists the real estate industry. Sometimes referred to as “big data”, the cross-referencing of wide-ranging statistics can reveal trends that give us insights that may have been undetectable only a few years ago.



 



For example, it’s possible to identify neighborhoods and home types that show the strongest potential for resale, either within a specific community or on a nationwide scale, or identify the types of renovations that offer the most favorable impact on property values.



 



It’s also possible for insurance companies to calculate a region’s likelihood for frequent claims, or risk of exposure to natural disasters – factors that could affect a homebuyer’s policy premiums.



 



Similar analysis can dictate whether financial institutions have confidence in a property’s mortgage viability (and what risk a borrower might pose), which can have a direct effect on the ultimate lending rate made available.



 



Perhaps the most positive real estate potential of data analysis is the ability to identify consumer profiles that match properties on the market, giving us new powers to bring together the perfect combination of determined buyers and motivated sellers.



 



*Article Provided by Morris Marketing*

Ballantyne Professionals | RE/MAX Realty Services Inc.
Ruth Ballantyne
295 Queen Street E
Brampton, ON L6W 3R1
905-456-1000

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated June 16, 2021
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