New startup HouseCanary offers predictive real estate analytics and insights to lenders, investors, appraisers and all other real estate professionals. Apparently, you will soon be able to predict the future resale value of your home right when you buy it.
Some big investors are betting on their success. The startup secured a $31 million Series B funding round. This follows a $33 million Series A round earlier in the year. PSP Growth, investment firm owned by Commerce Secretary Penny Pritzker, led the series B investment round.
Pritzker told TechCrunch why she believes HouseCanary will be successful: “[their] 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.”
HouseCanary CEO Jeremy Sicklick says the startup can predict the impossible because they use the most comprehensive real estate data set in the marketplace. Using the data, their team of PhD statisticians and data scientists can effectively predict future home prices.
Their algorithm will be able to analyze data and trends in order to accurately forecast a sale price within 2.5% of its actual value.
Sicklick told TechCrunch that the startup’s platform is designed mainly for property appraisers and real estate investors. The platform specializes in analyzing big data and large trends, but can also be applied to the hyperlocal level. “We understand how prices are changing across 4 million blocks,” Sicklick continued.
More from House Canary