Industry News

Technology explores factors in real estate decisions

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Prospective home buyers, sellers and developers in Philadelphia now can use a Web-based real estate decision-making technology when considering a real estate transaction in the area. The technology is called the Real Estate eXplorer, or REX for short, and was created by Avencia, a developer of geospatial software tools. Using the Web-based tool, REX users can match information about recent home sales and median sales prices with location preferences like nearby schools, public transit stops and restaurants. REX provides detailed neighborhood information and allows users to zoom into areas as small as a single block. With the REX infrastructure built, Avencia is now able to apply this Web-based space-time price model in any location to inform real estate purchases. REX uses raster based modeling and map algebra to inform consumer decisions about real estate. Users can select from a list of weighted priorities like the distance to transit stops, leafy neighborhoods, distance to charter...