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What is the probability that the house you want to sell--or buy--will be sold within a month, two months, three months or more? Computer scientists from Indiana University-Purdue University Indianapolis have developed what they believe to be the first data-based answer to how long it will take for a house to sell.
Their machine-learning solution innovatively draws upon methodology used to predict length of disease survival in patients with life-threatening medical conditions. In addition to predicting the probability of how long a specific house will remain on the market, the algorithms also account for how changing a feature--such as lowering the price of the home or adding a bathroom--influences the length of time the house remains unsold.Image credit: Suzyanne16/Shutterstock.com
