One of the more challenging aspects of making SI-Dex was how to incorporate vast amounts of housing data and make it beneficial to consumers.
One thing for sure, too much of today’s “real estate valuation modeling” has inherent flaws because data alone cannot justify human factors into mathematical calculations. Admittedly, at least initially, SI-Dex has that issue as well. However, there is one critical fact that makes a difference is the personalization of SI-DEX to address home valuation modeling. How we look at valuations is the personalization and human evaluation that goes into that process. SI-Dex gets a value based on stats; we address with a human eye. That challenge comes to roost most on Ranch home style properties. However, our work is never done when it comes to tweaking SI-Dex.
One such challenge is the SI-Dex valuation formulas have square foot cost considerations, recent sales and such, but defining structure type from a public records standpoint is the curveball. When we speak construction structure type, we mean Colonial, Center Hall Colonial, High Ranch, homes, etc.
Meaning a ranch home located on Staten Island sitting on 50 X 120 lot may have some serious upside value potential and in some cases, it is well over $500,000 regardless of condition. Considering that most ranch homes don’t carry a large living square footage, the cost per square foot averages when calculating SI-DEX computer driven values can be considerably off the mark. Over the next several weeks we will be evaluating ranch home data and make adjustments as needed. Have a question about your home particularly claim it and request an update; we’ll get on it right away.
Again, it's important to know that all SI-DEX are preliminary, and a computer driven to a more comprehensive one that requires a set of human eyes. The best part is you as a homeowner can interact online to address what you see, and that alone makes SI-Dex the only real estate company to offer hybrid valuation modeling online.
Welcome to the next generation of real estate company. Stay tuned as we roll out more updates on what we're changing with SI-Dex.