Google Inc. (NASDAQ:GOOGL) has partnered with Auction.com and will consequently be sharing its big search-data to be used for predicting U.S home sales. During an interview on CNBC, Auction.com executive vice president, Rick Sharga, stated that a combination of information from Google and proprietary data from the site will be of great benefit to home buyers.
“This Nowcast is about as close to real time data as you can get. We are looking at ongoing real-time search traffic. [..] It’s not a question of Auction.com having more data; it is a question of Auction.com having more timely data, “said Mr. Sharga.
The new service is to be called Auction.com Real Estate Nowcast and is to be based on Google Trends information. Realtors have not yet been entirely convinced with the new data according to CNBC’S Diana Olick, maintaining they will continue to rely on their own data in the market.
Auction.com will be using Google Inc. (NASDAQ:GOOGL) Trends data to look at searches involving real estate agents, property listings, as well as mortgage rates and home inspectors. The startup is also developing mobile and web applications that it believes will help its search engine optimization for marketing.
“For buyers, sellers, investors, government and even real estate agents, knowing what is going on behind closed doors of the housing market can translate into big money, “said Mrs. Olick.
Sharga argues Auction.com will provide real-time data on the fact that the National Association of realtors relies on surveys of members to compile monthly sales figures, considerably lowering the release of results.
Auction.com plans to be releasing its data every mid-month, with future reports and pricing data on a regional and local basis. Google Inc. (NASDAQ:GOOGL) reportedly made an investment of $50 million on Auction.com in March and is currently valued at $1.2 billion based on Google’s stakes. Advanced technology is being used in the real estate space as players seek to give consumers and professional’s market edge.
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