|
|
|
|
|
|
by bozoUser
2496 days ago
|
|
|
Congrats on the launch. > We were inexperienced and didn't really know what to look for. Homes that required extensive rehab seemed too daunting and a turnkey property in a nice neighborhood was too expensive. 1. what in your experience are the top 3 things to look for especially for a market like Bay Area ? 2. Follow up to 1. longer term do you think the model will do well for markets outside of Bay Area like Phoenix, Vegas etc. 2. How did you overcome the cold start problem for your models ? (A while ago there was a podcast (IIRC from NPR) where Zillow ran a contest to reduce the error % of their price prediction model and the team that won probably ended up also using factors like direction of the sunlight etc.)
3. Given your competitors use these kind of data points, will your model rely heavily on satellite imagery etc. to infer these kind of data points in the future ? |
|
|
1. A few of the top and more intuitive things we found in the bay area to be indicative of an upswing include an increase in food trucks and vietnamese restaurants. As well as increases in the number of social media postings about pets.
2. Yes, we believe it will. We have backtested on a ton of different markets and been tracking our models predictions in these markets over the past year and it seems to apply for most cities where these alternative data sources are present. Obviously (and perhaps interestingly) the things that seem to drive revitalization do have some constants between cities but they do also vary a decent amount by geographic area.
3. This was somewhat tricky. Obviously some of the sources we use like home prices and sales are more readily available and have existed for a long time. Others, not so much, especially for alternative data sources. We tried to choose sources that had been around longer (around a decade was a proxy) and had historical data that could be accessed via an api or scraping. This limited the list of sources we could use but we are quite happy with the list we ended up having that met this requirement.
And yes, we had looked at that competition Zillow ran and drew some inspiration from it. We do currently use satellite and street view data and are actively adding more uses for it, although we currently do not have the sunlight measurement per property integrated. I noticed that (i think?) as a new feature for homes when you look at them on zillow which was cool!