Patent Application
20130054476
Embodiments of the present disclosure relate generally to the assessment of the value of a parcel and, more particularly, to the assessment of the value of a parcel utilizing associative memory in order to determine a plurality of similar parcels.
It is oftentimes desirable to evaluate parcels of real estate in a fair and consistent manner. For example, many homeowners and real estate agents desire to value a home in advance of placing the home on the market. Similarly, many prospective purchasers wish to value a home prior to making an offer to purchase another home. The value of a parcel may also be determined for other purposes, such as by assessors in an effort to properly define the tax value of the parcel.
It may be difficult, however, to value real estate parcels in an accurate manner because the value of real estate parcels may depend on numerous factors. For example, two parcels having the same size and general location may vary dramatically in value due to the specific location of the parcels, such as in an instance in which one of the parcels borders a freeway entrance and is therefore less valuable than another parcel that is situated in a nicely appointed neighborhood. While the valuation of a parcel is enhanced by considering a large number of features, such an assessment is not generally performed. While some features of real estate parcels are relatively straightforward to compare, such as price and location, other features of real estate parcels that may affect the value of the real estate parcels are not so easily compared. As such, most assessments of the value of a real estate parcel rely upon the price of similarly located parcels as determined, for example, by local appraisers, online appraisal tools, individuals involved in the sale of real estate parcels including sellers, buyers and real estate agents, comparisons with other similar real estate parcels and the results of previous assessments.
Because of the difficulties of comparing a number of features of real estate parcels, these assessments generally emphasize the price of the real estate parcel and group real estate parcels together that have prices within a similar range. By focusing upon prices, some are led to believe that the price of a parcel solely determines its value. For example, home buyers generally look for homes having a price within a predefined price range, as opposed to considering the value of the homes. As noted above, however, the price of a parcel does not solely determine its value. Instead, many factors determine the value of a parcel including, for example, the location of the parcel, the accessibility of the parcel, the age of the parcel, etc. Additionally, the value of a parcel is also based upon a number of other more subtle factors, such as the view afforded from the parcel, the proximity of the parcel to homes with frequently barking dogs or other loud disturbing noises, etc. Although these features also affect the value of a parcel, these features are not readily comparable so that it is difficult to define the impact of such features on the value of the parcel. As such, the value of parcels continues to generally be unfairly biased by their price to the at least partial exclusion of a number of other features that affect the value of the parcel, thereby failing to provide a true picture of the value of the parcel.
A system, method and computer program product are therefore provided in order to determine comparable parcels used to obtain a better estimation of the value of a parcel. In this regard, the system, method and computer program product of one embodiment may determine the value of the parcel based upon a number of different attributes and keywords relating to a number of features of the parcel which may include price, but which may also include a number of other features. As such, the system, method and computer program product of one embodiment may permit the value of a parcel to be defined in a more fulsome manner without being biased as significantly by the price of the parcel.
In one embodiment, a system is provided for assessing the value of a first parcel. The system includes a receiver module configured to receive one or more attributes of the first parcel and one or more keywords of the first parcel possibly obtained from an associative memory. Each keyword may include a category type and a corresponding value. Each attribute may include a more generalized form of a keyword where the category type is broadened to a particular part of speech, such as an adjective, adverb, noun or verb. The system of this embodiment may also include an associative memory configured to compare the one or more attributes and one or more keywords of the first parcel with attributes and keywords, respectively, of a plurality of other parcels in order to determine a plurality of similar parcels. Further, the system may include an assessment module configured to determine the value of the first parcel based upon the prices of the plurality of similar parcels. In one embodiment, the system may also optionally include a display module configured to display a representation of the similar parcels in order of similarity and including the attributes and keywords of the similar parcels that are in common with the attributes and keywords of the first parcel.
The receiver module of one embodiment is further configured to receive assignments of weights for the one or more attributes or keywords. For example, the receiver module may be configured to receive assignments of weights by receiving a binary indication for each attribute or keyword as to whether the respective attribute or keyword is weighted or unweighted. Alternatively, the receiver module may be configured to receive assignments of weights by receiving a weight for a respective attribute or keyword that is selected from among a plurality of candidate weights. The associative memory of this embodiment may also be configured to determine the plurality of similar parcels based at least in part upon the weights for the one or more attributes or keywords.
The receiver module of one embodiment is further configured to receive assignments of radiuses for numeric category values for attributes or keywords. The radius permits the corresponding category value to match within a certain percentage or a certain amount, allowing for more associations. For example, the receiver module may be configured to receive assignments of a radius for each numeric category value as to the proximity allowed to be considered a match. The associative memory of this embodiment may also be configured to determine the plurality of similar parcels based at least in part upon the allowance of radiuses for the one or more numeric category values for attributes or keywords.
The assessment module of one embodiment may be configured to determine the value of the first parcel by determining an average of the prices of the plurality of similar parcels. Additionally or alternatively, the assessment module may be configured to determine the value of the first parcel by weighting the prices of the plurality of similar parcels based upon a measure of similarity with respect to the first parcel and by then determining a weighted average price of the plurality of similar parcels based upon the weighting of the prices of the plurality of similar parcels.
In another embodiment, a method is provided for assessing the value of a first parcel. The method includes receiving one or more attributes of the first parcel and one or more keywords of the first parcel possibly obtained from an associative memory. Each keyword may include a category type and a corresponding value. Each attribute may include a more generalized form of a keyword where the category type is broadened to a particular part of speech, such as an adjective, adverb, noun or verb. The method of this embodiment may also include using an associative memory to compare the one or more attributes and one or more keywords of the first parcel with attributes and keywords, respectively, of a plurality of other parcels in order to determine a plurality of similar parcels. Further, the method may include determining the value of the first parcel based upon the prices of the plurality of similar parcels. In one embodiment, the method may also optionally include causing a display of a representation of the similar parcels in order of similarity and including the attributes and keywords of the similar parcels that are in common with the attributes and keywords of the first parcel.
The method of one embodiment also receives assignments of weights for the one or more attributes or keywords. For example, the method may receive assignments of weights by receiving a binary indication for each attribute or keyword as to whether the respective attribute or keyword is weighted or unweighted. Alternatively, the method may receive assignments of weights by receiving a weight for a respective attribute or keyword that is selected from among a plurality of candidate weights. The method of this embodiment may also use the associative memory to determine the plurality of similar parcels based at least in part upon the weights for the one or more attributes or keywords. The method of one embodiment may also receive assignments of radiuses for numeric category values for attributes or keywords, thereby allowing the determination of the plurality of similar parcels to be based at least in part upon the allowance of radiuses for the one or more numeric category values for attributes or keywords.
The method of one embodiment also determines the value of the first parcel by determining an average of the prices of the plurality of similar parcels. Additionally or alternatively, the method may determine the value of the first parcel by weighting the prices of the plurality of similar parcels based upon a measure of similarity with respect to the first parcel and by then determining a weighted average price of the plurality of similar parcels based upon the weighting of the prices of the plurality of similar parcels.
In a further embodiment, a computer-readable storage medium is provided for assessing a value of a first parcel. The computer-readable storage medium has computer-readable program code portions stored therein that in response to execution by a processor cause an apparatus to receive one or more attributes of the first parcel and to receive one or more keywords of a first parcel possibly obtained from an associative memory. Each keyword may include a category type and a corresponding value. Each attribute may include a more generalized form of a keyword where the category type is broadened to a particular part of speech, such as an adjective, adverb, noun or verb. The computer-readable storage medium of this embodiment also has computer-readable program code portions stored therein that in response to execution by the processor cause the apparatus to use an associative memory to compare the one or more attributes and one or more keywords of the first parcel with attributes and keywords, respectively, of a plurality of other parcels in order to determine a plurality of similar parcels and to determine the value of the first parcel based upon the prices of the plurality of similar parcels.
The computer-readable storage medium of one embodiment may also have computer-readable program code portions for receiving assignments of weights for the one or more attributes or keywords. For example, the computer-readable program code portions may receive assignments of weights by receiving a binary indication for each attribute or keyword as to whether the respective attribute or keyword is weighted or unweighted. Alternatively, the computer-readable program code portions may receive assignments of weights by receiving a weight for a respective attribute or keyword that is selected from among a plurality of candidate weights. The computer-readable program code portions of this embodiment may also use the associative memory to determine the plurality of similar parcels based at least in part upon the weights for the one or more attributes or keywords. The computer-readable storage medium of one embodiment may also have computer-readable program code portions for receiving assignments of radiuses for numeric category values for attributes or keywords, thereby allowing the determination of the plurality of similar parcels to be based at least in part upon the allowance of radiuses for the one or more numeric category values for attributes or keywords.
The computer-readable storage medium of one embodiment may also have computer-readable program code portions for determining the value of the first parcel by determining an average of the prices of the plurality of similar parcels. Additionally or alternatively, the computer-readable storage medium may have computer-readable program code portions for determining the value of the first parcel by weighting the prices of the plurality of similar parcels based upon a measure of similarity with respect to the first parcel and for then determining a weighted average price of the plurality of similar parcels based upon the weighting of the prices of the plurality of similar parcels.
In accordance with embodiments of the present disclosure, the system, method and computer program product are provided in order to assess the value of a parcel in a manner that takes into account a number of attributes in addition to or instead of the price of the parcel such that the assessed value may be more fully reflective of the parcel and not unduly biased by the price of the parcel. However, the features, functions and advantages that have been discussed may be achieved independently in the various embodiments of the present disclosure and may be combined in other embodiments, further details of which may be seen with reference the detailed description and drawings.
Having thus described embodiments of the present disclosure in general terms, reference will now be made to the accompanying drawings, which are not necessarily drawn to scale, and wherein:
Embodiments of the present disclosure now will be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all embodiments are shown. Indeed, these embodiments may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. Like numbers refer to like elements throughout.
Example embodiments in the present disclosure provide a system, method and computer readable storage medium for assessing the value of a parcel. In this regard, the parcel may be a uniquely identified property or other piece of real estate. As explained below, the system of example embodiments of the present disclosure may include or otherwise be in communication with a number of modules configured to perform respective operations described herein. Although shown as separate modules, it should be understood that the operations performed by more than one module may be integrated within and instead performed by a single module. It should also be understood that operations performed by one module may be separated and, instead, performed by more than one module.
A module may be embodied as various means for implementing the various functionalities of example embodiments of the present disclosure. A module may optionally include, for example, one or more processors, memory devices, Input/Output (I/O) interfaces, communications interfaces and/or user interfaces. The processor may include, for example, one or more of a microprocessor, a coprocessor, a controller, a special-purpose integrated circuit such as, for example, an ASIC (application specific integrated circuit), an FPGA (field programmable gate array), DSP (digital signal processor), or a hardware accelerator, processing circuitry or other similar hardware. According to one example embodiment, the processor may be representative of a plurality of processors, or one or more multi-core processors, operating individually or in concert. A multi-core processor enables multiprocessing within a single physical package. Further, the processor may be comprised of a plurality of transistors, logic gates, a clock (e.g., oscillator), other circuitry, and the like to facilitate performance of the functionality described herein. The processor may, but need not, include one or more accompanying digital signal processors (DSPs). A DSP may, for example, be configured to process real-world signals in real time independent of the processor. Similarly, an accompanying ASIC may, for example, be configured to perform specialized functions not easily performed by a more general purpose processor. In some example embodiments, the processor is configured to execute instructions stored in the memory device or instructions otherwise accessible to the processor. The processor may be specifically configured to operate such that the processor causes the module to perform various functionalities described herein.
Whether configured as hardware alone or via instructions stored on a computer-readable storage medium, or by a combination thereof, the processor may be an apparatus embodying or otherwise configured to perform operations of a module according to embodiments of the present disclosure while accordingly configured. Thus, in example embodiments where the processor is embodied as, or is part of, an ASIC, FPGA, or the like, the module is specifically configured hardware for conducting the operations described herein. Alternatively, in example embodiments where the processor is embodied as an executor of instructions stored on a computer-readable storage medium, the instructions specifically configure the module to perform the algorithms and operations described herein.
The memory device of a module may be one or more non-transitory computer-readable storage media that may include volatile and/or non-volatile memory. In some example embodiments, the memory device includes Random Access Memory (RAM) including dynamic and/or static RAM, on-chip or off-chip cache memory, and/or the like. Further, the memory device may include non-volatile memory, which may be embedded and/or removable, and may include, for example, Read-Only Memory (ROM), flash memory, magnetic storage devices (e.g., hard disks, floppy disk drives, magnetic tape, etc.), optical disc drives and/or media, non-volatile random access memory (NVRAM), and/or the like. The memory device may include a cache area for temporary storage of data. In this regard, at least a portion or the entire memory device may be included within the processor of the module.
Further, the memory device of a module may be configured to store information, data, applications, computer-readable program code instructions, and/or the like for enabling the module to carry out various functions in accordance with example embodiments of the present disclosure described herein. For example, the memory device may be configured to buffer input data for processing by the processor of the module. Additionally, or alternatively, the memory device may be configured to store instructions for execution by the processor.
The I/O interface of a module may be any device, circuitry, or means embodied in hardware, software or a combination of hardware and software that is configured to interface the processor of the module with other circuitry or devices, such as the communications interface and/or the user interface of the module. In some example embodiments, the processor may interface with the memory device via the I/O interface. The I/O interface may be configured to convert signals and data into a form that may be interpreted by the processor. The I/O interface may also perform buffering of inputs and outputs to support the operation of the processor. According to some example embodiments, the processor and the I/O interface may be combined onto a single chip or integrated circuit configured to perform, or cause the module to perform, various functionalities of an example embodiment of the present disclosure.
The communication interface of a module may be any device or means embodied in hardware, software or a combination of hardware and software that is configured to receive and/or transmit data from/to one or more networks and/or any other device or module in communication with the respective module. The communications interface may be configured to provide for communications in accordance with any of a number of wired or wireless communication standards. The processor of the module may also be configured to facilitate communications via the communications interface by, for example, controlling hardware included within the communications interface. In this regard, the communication interface may include, for example, one or more antennas, a transmitter, a receiver, a transceiver and/or supporting hardware, including, for example, a processor for enabling communications. The module of one example may communicate via the communication interface with various other network elements in a device-to-device fashion and/or via indirect communications.
The user interface of a module may be in communication with the processor of the module to receive user input via the user interface and/or to present output to a user as, for example, audible, visual, mechanical or other output indications. The user interface may include, for example, a keyboard, a mouse, a joystick, a display (e.g., a touch screen display), a microphone, a speaker, or other input/output mechanisms. Further, the processor may comprise, or be in communication with, user interface circuitry configured to control at least some functions of one or more elements of the user interface. The processor and/or user interface circuitry may be configured to control one or more functions of one or more elements of the user interface through computer program instructions (e.g., software and/or firmware) stored on a memory accessible to the processor (e.g., the memory device of the module). In some example embodiments, the user interface circuitry is configured to facilitate user control of at least some functions of the module through the use of a display and configured to respond to user inputs. The processor may also comprise, or be in communication with, display circuitry configured to display at least a portion of a user interface, the display and the display circuitry configured to facilitate user control of at least some functions of the module.
As shown in
As shown in operation 20 of
The receiver module 10 may also be configured to receive one or more keywords relating to the first parcel as shown in operation 22 of
In one example embodiment, the receiver module 10 may also be configured to receive weights for one or more of the attributes or keywords, as shown in operation 24 of
In regards to at least some of the attributes or keywords, the receiver module 10 may also be configured to receive an indication as to whether similar parcels must exactly match the category value of the respective keyword or whether the corresponding feature of another parcel would be considered to match the category value of the attribute or keyword in an instance in which the corresponding feature of the other parcel is within a predefined range of the category value even if the corresponding values do not match exactly. In this regard, the receiver module 10 may also be configured to receive an indication of a range about a category value within which a corresponding feature of another parcel would be considered to match the category value. In this regard and as shown in the embodiment of
As shown in
In determining the similarity between the first parcel and other parcels, the associative memory 12 may not only access its local memory, but may additionally or alternatively access other databases 18 so as to utilize the data stored by the other databases in its analysis. For example, the associative memory 12 may be able to access a number of other databases 18 such as publicly available databases including tax assessment databases, city planning zoning databases, transportation databases, map databases and the like. By way of a more particular example, the associative memory 12 may access a city's bike trail maps such that the close proximity of the first parcel to a bike trail may be taken into account (in a positive fashion) in determining the value of the first parcel. Associative memory 12 is configured to interact with information received from other databases 18 without having to make the search fields of the various databases compatible.
The system of the embodiment of
Since the number and type of attributes and keywords that are in common between the similar parcels and the first parcel at least partially define the relative similarity, it is noted that the number of attributes and keywords that the parcels have in common with the first parcel is generally greater for the more similar parcels and lesser for the less similar parcels. As described above, however, the weights of the matching attributes and keywords may also be taken into account in determining the relative similarity between the parcels.
Of the attributes of the first parcel, some of the attributes may match or be otherwise associated with a larger number of other parcels than other ones of the attributes. As such, the display module 14 of one embodiment may cause the attributes of the first parcel to be displayed in an order that is based upon the relative importance of the attributes to the similarity determination, such as based upon the frequency with which the attributes were found to be in common with corresponding attributes of the other parcels. With reference to
The system also includes an assessment module 16 which, as described above, may include a processor that is specifically configured in order to determine the value of the first parcel based upon the prices of the plurality of similar parcels. See operation 30 of
Additionally or alternatively, the assessment module 16 may be configured to determine the value of the first parcel by weighting the prices of the plurality of similar parcels based upon the similarity of the similar parcels to the first parcel with the price of more similar parcels more greatly affecting or influencing the resulting value than the price of less similar parcels. In one embodiment, for example, the assessment module 16 may be configured to weight the prices of the plurality of the similar parcels based upon a measure of similarity with respect to the first parcel and to then determine the weighted average of the plurality of similar parcels based upon the weighting of the prices of the plurality of similar parcels. While the weighting of the prices of the plurality of similar parcels may be done in various manners, the assessment module 16 of one embodiment may weight the prices of the similar parcels based upon the similarity scores as shown in the embodiment of
By basing the value of the first parcel upon the prices of parcels that have been determined to be similar based upon a consideration of a plurality of features, such as a number of features in addition to or instead of the price and location of the parcels, a more representative value of the first parcel may be determined in accordance with embodiments of the present disclosure. By determining a more accurate value of a parcel, a buyer, seller or others involved in a real estate transaction may more accurately evaluate a parcel and assessors may more appropriately value the parcel, such as for tax or other purposes. Additionally, the system, method and computer program product may be utilized in an iterative fashion. In this regard, the initial weighting of a plurality of attributes and keywords may result in the identification of a number of similar parcels having prices that deviate greatly from the current price of the first parcel. In this instance, a user may re-assign the weights of the attributes and keywords and may again submit the weighted attributes and keywords to the associative memory 12 in order to re-define the set of similar parcels. By repeating this process, a user may determine the weights of the attributes and keywords that most accurately reflects the commercial value of the various features of the parcels.
These program code instructions may also be stored in a computer-readable storage medium that can direct a computer, processor or other programmable apparatus to function in a particular manner to thereby generate a particular machine or particular article of manufacture. The instructions stored in the computer-readable storage medium may produce an article of manufacture, where the article of manufacture becomes a means for implementing the functions specified in the block diagrams' modules or blocks. The program code instructions may be retrieved from a computer-readable storage medium and loaded into a computer, processor or other programmable apparatus to configure the computer, processor or other programmable apparatus to execute operations to be performed on or by the computer, processor or other programmable apparatus. Retrieval, loading and execution of the program code instructions may be performed sequentially such that one instruction is retrieved, loaded and executed at a time. In some example embodiments, retrieval, loading and/or execution may be performed in parallel such that multiple instructions are retrieved, loaded and/or executed together. Execution of the program code instructions may produce a computer-implemented process such that the instructions executed by the computer, processor or other programmable apparatus provide operations for implementing the functions specified in the block diagrams' modules or blocks.
Accordingly, execution of instructions associated with the operations of the modules or blocks of the block diagrams by a processor, or storage of instructions associated with the modules or blocks of the block diagrams in a computer-readable storage medium, supports combinations of operations for performing the specified functions. It will also be understood that one or more modules or blocks of the block diagrams, and combinations of modules or blocks in the block diagrams, may be implemented by special purpose hardware-based computer systems and/or processors which perform the specified functions, or combinations of special purpose hardware and program code instructions.
Many modifications and other embodiments set forth herein will come to mind to one skilled in the art to which these embodiments pertain having the benefit of the teachings presented in the foregoing descriptions and the associated drawings. Therefore, it is to be understood that the embodiments are not to be limited to the specific ones disclosed and that modifications and other embodiments are intended to be included within the scope of the appended claims. Moreover, although the foregoing descriptions and the associated drawings describe example embodiments in the context of certain example combinations of elements and/or functions, it should be appreciated that different combinations of elements and/or functions may be provided by alternative embodiments without departing from the scope of the appended claims. In this regard, for example, different combinations of elements and/or functions other than those explicitly described above are also contemplated as may be set forth in some of the appended claims. Although specific terms are employed herein, they are used in a generic and descriptive sense only and not for purposes of limitation.
