Team 20: Price Right

In 2020, more than 92% of homeowners who listed their houses on the open market required assistance from an appraiser to value their homes. However, we note that the appraisal process is prone to human judgment errors. Often, a single agent is responsible for valuing a home with little room for a second opinion. This opens the door to silent discrimination against minorities who suffer from the conscious or unconscious biases of the appraisal agent. In fact, Brookings, a think tank, estimates that Black-Owned Property in the United States is undervalued by as much as $156 billion. At PriceRight, we look to provide homeowners with a comprehensive platform, which they can use to counteract the imbalance of power in appraisals. Specifically, we offer a pricing algorithm through which homeowners can see how an array of features influence their home’s “fair” price, thereby identifying potential paradigms used in appraisal appeals. Secondly, we offer a bias identification algorithm, which homeowners can use to determine if their home was undervalued compared to similar properties.