Sorry for the ugly page. I'm going to make an official launch blog post soon.
FPP stands for Frankly Price Predictor.
FPP is NOT an "Automatic Valuation Method." Those systems like Zillow's Zestimates and Cyberhomes are based on what they think the value of the home is. While they don't publish the exact method of calculation, many guess that it calculates data such as tax assessment, recent solds, square footage etc.
FPP is FranklyMLS.com's algorithm that attempts to predict what the home is likely to sell for IF IT SOLD RIGHT NOW. So if a home is way overpriced, yet it sold today... our FPP shows what we think it might sell for. On the other hand, if a home has sat for 185 days with 3 price drops... our FPP shows what we think it might sell for today.
AGAIN it is a toy. Not to be relied on!
What is the point? Well experienced Realtors can look at several variables in a listing and get a gut feeling for what the home will sell for. The variables can be extensive including how long the home has sat on the market, how many price drops, days since last price drop, the brokerage firm, number of photos, quality of the listing, area etc etc.
So FPP is our attempt to quantify that age old "gut" feeling.
FPP in Spreadsheet mode.
Currently there is a column called FPP. If it is left blank, that means:
1) the home is under contract or sold or
2) the seller has blocked AVM (Auto Value Menthods), even though this is not an AVM since it says nothing about "value."
Soon the default results will be sorted by the FPP (highest first), and not by list price. You can change this by clicking on the "Price" column header. It will save your sort preference for future searches.
Note that the FPP is rounded to the nearest $1,000. I've always hated all the $583,982 prices so the rounding is supposed to help you digest hundreds of lines of data more quickly. And who really cares about the ",432."
FPP on the Full Listing page
Here the FPP is located below the list price. You will note that the amount is dropping per second. This is because our algorithm shows that the longer a house sits, the lower the price tends to be (duh). So I thought it would be fun to show this with a per second realtime drop in price.
Again, FPP is only to be used as a toy or quick glance. It is not to be used to make offers. Also it will help you see homes that might have otherwise been outside of your list price range search.
I will be posting a blog with more details soon. Tell me what you think!!
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Learn about Days on The Market with another funny vide.