"AVM" is the acronym for Automated Valuation Model. An AVM is a computerized modeling system designed to simulate the traditional appraisal process and provide residential-only property valuations at a specific point in time by analyzing values of comparable properties. AVMs formulas are mathematical and based upon numerous factors, including data quality, real estate fundamentals, and the complexity of the underlying technology. AVM reports may have some of the same data found in traditional property reports, yet they are not considered to be such and should not be generated for that purpose. AVMs, unlike most other real estate filings, are not public record.
Numerous statistical methods have been applied to index estimation and property valuation in the United States. The selection of a particular methodology has mainly depended on the available data, and as data quantity and quality have improved, so have the estimates. AVM modelers use a collection of property and comparable sales data from various sources. The AVM is built using proprietary statistical methodologies to estimate values.
At HomeInfoMax, we offer the most stable platform for the Automated Valuation Model. This model is recognized in the real estate industry as a professional tool for the instant valuation of residential properties.
AVM Lite+ is one of the newest additions to our services. It provides an inexpensive and accurate valuation based on comparable data and other essential factors. This latest model, with its improved relevancy, outperforms traditional single-system models. Valuations based on this system can supplement or, in some situations, entirely replace human appraisals. Based upon millions of observations of continuous rigorous testing, AVM Lite+ incorporates a highly accurate neural scoring system that adapts to changing market conditions.
Since our electronic AVM utilizes a combination of systems-generated estimates, it is believed to have the smallest possible error.
The logic behind the Valuation Report: to provide an instantaneous and accurate online Valuation Report on a residential property. AVMs are used to determine what a residential property might be worth at a given time. The advantages of using AVMs over traditional chartered surveyors are that they save time, money, and resources since they can be obtained online in a matter of seconds. They also tend to give more valuation choices and not suffer from the same degree of fraud risk. HomeInfoMax updates its database daily with the latest property sales and financing transactions, tax ownership, assessment rolls, and property characteristic data. Unlike property records accessible across the country, online home valuation is currently limited to some extent. This database completeness varies by State and by County. Before attempting to request a valuation report, you must check State/County Coverage to make sure it is available in your desired area. This product is included in all of our Subscription Plans — offered either on its own and can be purchased independently or sold as a supplemental purchase from already obtained property reports.
Types of Properties covered: residential only that can be owner-occupied or non-occupied.
Contents of Valuation Reports: Property Ownership, Valuation Results, Property Characteristics, Last and Prior Sales, Comparable Sales Summary, and up to 5 Comps (with links to their records) derived from a surrounding neighborhood of the primary subject/location.
Provided Property Data: most valuation reports include an immediate estimate of a home's value, an analysis of a market area, subject property information, and comparable sales records. The property section includes location and current ownership. Valuation Result includes Estimated Property Value and Value Range, Valuation Date at a specific point in time, Valuation Grade and Score, and Forecasted Standard Deviation. Comparable Sales Summary includes Living Area, Lot Area, number of Beds and Baths, Year Built, Last Sale Price, and Price per Sq. Ft. and last Sale Date. Propriety Information includes various characteristics of the subject property and its Last and Prior Market Sale data. Comps show the distance from the subject and include property ownership and property characteristics, as well as provide links with immediate access to their respective available records.
Please review the samples of the AVM Lite+ report.
Property reports do not represent the condition of the title and may not include all recorded information. Property records are in the public domain -- government establishments, such as the county recorder and the local tax assessor's office, are tasked with maintaining them. Not all data may be available in all Counties or on every real property.