The Chimney Estimate redefines home valuation for financial institutions by providing highly accurate, real-time property valuations directly integrated into digital banking platforms. By combining robust data, advanced modeling techniques, and user-focused design, the Chimney Estimate empowers both homeowners and financial institutions with transparent and actionable insights.
Key Highlights
Real-Time Updates: Property valuations are consistently refreshed to ensure accuracy and reflect ongoing market trends.
Multi-Use Functionality: The Chimney Estimate supports financial institutions by fostering customer engagement, streamlining loan processes, and offering tailored insights for equity assessments.
Seamless Integration: Delivered directly through your institution's digital platform, the Chimney Estimate ensures an accurate, trustworthy experience for users.
Model Documentation
Built for Precision and Scalability
The Chimney Estimate leverages cutting-edge automated valuation model (AVM) technology, combining powerful architecture and enriched data pipelines.
Advanced AVM Architecture
Single-Model Methodology: Ensures consistent valuations across all use cases, eliminating discrepancies.
Cloud-Based Infrastructure: Enables rapid processing and adapts to real-time market changes, ensuring accuracy and scalability.
Customizable Design: Tailored to institutional needs while accounting for unique regional or market-specific nuances.
Diverse and Comprehensive Training Data
The model is fueled by a diverse dataset that captures property-specific attributes, comparable sales, and broader market trends:
Property-Specific Data: Includes location, property type, square footage, historical transactions, and detailed amenities.
Comparable Sales Data: Gathers insights from recently sold properties with similar characteristics.
Market Trends: Incorporates regional housing inventory, local economic conditions, and national market dynamics to ensure valuation accuracy.
Rigorous Preprocessing Steps
Bias-Free Valuations: Proprietary preprocessing methods exclude owner demographic data to ensure fairness and consistency.
Feature Engineering: Captures unique attributes like architectural design or renovation history for precise results.
Data Enrichment: Augments datasets with geospatial data and community-level insights for comprehensive coverage.
Comprehensive Coverage
The Chimney Estimate offers one of the most extensive property valuation coverages available, ensuring reliability for both common and unique property types.
Parcel Classification | Total Parcels | Parcels with Valuation | Percentage Coverage |
Single-Family Residential | 93,166,959 | 92,466,065 | 99.25% |
Condos & Townhouses | 11,536,734 | 11,423,841 | 99.02% |
Manufactured Homes | 6,713,706 | 5,863,896 | 87.34% |
Multi-Family Parcels | 3,424,991 | 3,297,133 | 96.27% |
Key Insights
Market Scope: The Chimney Estimate analyzes over 143 million parcels nationwide.
Accuracy Across Use Cases: Designed to meet the needs of both residential and small-scale commercial valuations.
Future Focus: Ongoing improvements aim to expand coverage for underserved categories like commercial parcels.
Use Cases & Applications
The Chimney Estimate is a versatile tool designed to offer preliminary insights and enhance financial decision-making.
Primary Use Cases
Preliminary Property Valuations:
Homeowners can monitor their property’s value in real-time, gaining insights into potential equity and market trends.
Lenders can use these estimates as a starting point for assessing loan-to-value (LTV) ratios during the initial stages of customer engagement. </aside>
Customer Engagement and Retention:
By offering real-time valuation tools, financial institutions keep users engaged on their digital platforms, driving repeat interactions and fostering trust. </aside>
Equity Assessment for Financial Products:
Home equity lines of credit (HELOCs), mortgage refinancing, and other equity-based products can be marketed more effectively by showing potential borrowing power based on Chimney Estimates. </aside>
Portfolio Analysis & Competitive Insights
Institutions can use aggregated property valuations to identify trends, assess market exposure, and spot potential growth opportunities within their customer base.
Limitations and Best Practices
Not a Final Appraisal: The Chimney Estimate is designed to offer a high-level view of property value but does not replace a professional appraisal or other valuations used for underwriting or regulatory purposes.
Guiding Customer Conversations: Financial institutions can leverage these valuations to engage customers early in the lending process, guiding them toward appropriate products and services.
Proven Model Validation
Validation processes ensure the Chimney Estimate provides precise and trustworthy valuations, even in dynamic and rapidly changing markets.
Comprehensive Validation Methods
Historical Validation:
Benchmarking against 6-month trailing sales data ensures long-term reliability.
Real-Time Validation:
Integration with MLS data provides alignment with newly listed and sold properties.
Confidence Scoring:
Every valuation includes a confidence interval to support transparency and informed decision-making.
Market Sensitivity
Economic Indicators: The model dynamically adjusts based on interest rates, employment data, and market demand.
Geographic Adaptability: Region-specific modeling ensures precision at a local level.
Trusted Partners and Data Sources
Our Partners
BatchData: Delivers the advanced AVM architecture, enabling high scalability and accuracy through machine learning.
CoreLogic: Supplies geospatial data, property condition insights, and proprietary datasets.
MLS and Public Records: Offers up-to-date transaction and property data for reliable and timely valuations.
Data Sources
Property Data: Includes tax assessments, transaction history, property attributes, and geolocation data.
Comparable Sales: Draws on recently sold properties to ensure valuations align with local market trends.
Market Trends: Tracks inventory, demand, and economic conditions to stay current with shifting markets.
Why Choose the Chimney Estimate?
The Chimney Estimate empowers both homeowners and financial institutions with accurate, actionable property insights.
For homeowners, it provides real-time updates on property values and equity, enabling users to monitor their largest asset and make informed decisions about refinancing, selling, or investing.
For financial institutions, the Chimney Estimate enhances customer engagement by keeping users actively involved through consistent updates and valuable insights. It also supports streamlined lending processes, aiding in reliable loan-to-value (LTV) calculations and efficient loan processing.
By combining cutting-edge AVM technology, comprehensive datasets, and seamless integration, the Chimney Estimate facilitates smarter decision-making and delivers value across every touchpoint. Contact us today to discover how the Chimney Estimate can transform your customer experience and operational efficiency.