You may be able to bid adieu to buyer’s remorse if you’ve got a tool like HouseCanary on your side. The San Francisco-based startup is just three years old, but is already making waves in the real estate industry by claiming to help would-be buyers predict a property’s resale value. After all, if you’re buying as an investment, you’re going to want to ensure that you’re putting your money in a safe space. That’s where HouseCanary comes in, providing a system that’s said to anticipate sales prices within a 2.5 percent margin.
“Whether you need to evaluate a potential real estate investment, keep track of the value of real estate you own, or provide accurate valuations for servicing and securitization, the HouseCanary Value Report gives you an accurate and grounded valuation of your property,” the company notes on its website. This report is contingent upon a number of different data sources, including county assessor records, MLS listings, and consumer, regional, and behavioral metrics.
The resulting executive summary gives buyers a rather comprehensive swatch of data, including its current value, its three-year forecast, its sales history, and how these numbers compare to similar properties in the area. According to CEO Jeremy Sicklick, the startup could be instrumental to helping real estate investors turn a profit. And clearly, investors agree — the company has just raised $31 million in Series B funding.
HouseCanary’s technology is “able to forecast and understand what’s happening with home prices at a very local level,” Sicklick told TechCrunch. “We understand how prices are changing across 4 million blocks.” And this certainly seems convincing to investors like Penny Pritzker, who wrote to TechCrunch that she decided to back HouseCanary because its “tech solves a problem that’s everywhere in real estate: A lack of quality information that you can use to make accurate forecasts. Investors miss real opportunities because they don’t have the data to identify or model them.”
So if you’re looking into buying an apartment, condo, or home in the coming years, you may want to do your homework first. And that homework could include a bit of research into HouseCanary and its suite of offerings.
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