Every day, we appraisers and Realtors face questions about the value of property features. We have opinions based on our experience, but our answers carry more weight when they are based on solid data.
In 1906, Sir Francis Galton discovered a technique that is the foundation of this website. The technique is called “Wisdom of Crowds”.
Galton is a giant of statistical analysis. Among his contributions are the concepts of central tendency, variance, standard deviation and perhaps the most notable: simple regression.
For a fascinating look at his discovery, and a modern day example, view the 5 minute video by Marcus du Sautoy. Du Sautoy is the Simonyi Professor for the Public Understanding of Science and a Professor at the University of Oxford. He was previously President of the Mathematical Association and a Royal Society University Research Fellow.