SANTA BARBARA, Calif., Aug. 27, 2020 (SEND2PRESS NEWSWIRE) — Pomar Lane, a data analytics firm specializing in real estate modeling, today completed a demonstration project that estimated condition scores for over 90 thousand homes. Home condition is represented by the Pomar Condition Score, the first measure of home condition based on advanced analytics rather than expensive inspections or appraisals.
PHOTO CAPTION: Pomar Lane LLC is developing a nationwide database of home condition scores.
“Online real estate sites commonly present home prices, but have a tremendous blind spot when it comes to home condition. This changes with the availability of the Pomar Condition Scoring System. Our intent is to provide the home buyer with individual home condition scores and renewal costs for all major U.S. residential markets,” said company CEO Peter Lufkin. “And the need for condition data extends beyond online search.”
He adds, “We foresee a time when any transaction depending on the value of your house will require a condition rating. Apply for a mortgage, purchase homeowner insurance, or market a short-term rental—these all can depend on the Pomar Score as an objective and inexpensive measure of home condition.”
The Pomar Score is based on the structural value of the home. Scaled from 1 to 100, a low value indicates little investment in maintenance and repair, while a high value indicates the homeowner is keeping up with wear and tear as the home ages. The predicted score comes from a unique learning model that incorporates changing home characteristics, neighborhood features and local economic data.
Developed over the last three years, the proprietary algorithm delivers for each home:
- a condition score that measures the remaining value of the home structure
- an average condition score for the vicinity
- a range of estimated renewal costs depending on maintenance style
The estimated scores are highly correlated with actual appraisal results, yet can be generated for a small fraction of appraisal costs. As a service, Pomar Lane will provide regular condition updates for homes in key U.S. markets.
About Pomar Lane
Pomar Lane LLC is developing a nationwide database of home condition scores and renewal costs. We use data science instead of costly inspections to score property condition. Pomar models can inform the choices of individual home buyers. Our tools can help reduce insurance claims, improve investor decisions, and make valuation models more accurate.
Learn more at: https://www.pomarlane.com/
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* Caption: Pomar Lane LLC is developing a nationwide database of home condition scores.
News Source: Pomar Lane