Importance

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Abstract

A comparable property selection system and method employs dynamic gating in the selection of comparable properties. When the most restrictive comparable selection algorithm fails to identify enough comparable sales to use as inputs to the downstream analytics processes, the system does not simply expand the pool or solely expand the corresponding geographical area. Instead, the system automatically loosens and tightens property search filters iteratively to expand and shrink the size of a local geographic and economic market to locate comparables that have property characteristics that most closely reflect the real estate market considerations a buyer, or an appraiser acting as a buyer, would evaluate in a heterogeneous market.

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First Claim