MIT's Center for Real Estate has recently introduced the concept of using current real estate data into tools to assist buyers in their search. The group has launched the Real Estate Price Dynamics Research Platform, the ground floor to a new set of tools that can transfer data into a usable set of numbers the average consumer can use.
"Real estate investment has always been a world with a lack of good empirical data," says David Geltner, a professor of real estate finance, "But with the digital revolution, there's an explosion of data aggregators, information companies, and other sources of empirical data relevant to commercial real estate investment."
Not only does the team hope to get this data in more people's hands, but they wish for it to assist in making data more available for economic review and study. Their efforts will hopefully allow for better comparisons between areas vastly different from each other.
"What is going on in San Francisco in terms of asset pricing may be totally different from what is going on in Dallas," Geltner says. "And even what's going on in the Dallas central business district is different from what's going on in North Dallas."
The group believes the data will assist the entire industry and are ready to give their findings to anyone who needs it.