Commonly asked questions about automated valuation models
An Automated Valuation Model, or more commonly known as an AVM, is a program that automatically analyzes various data points to produce an estimate on the current value of a home or property. An AVM includes:
- Property identifying information including address and/or assessor’s parcel number and owner name
- Prior sales of the property
- Living area/square footage
- Year built
- Number of bedrooms and bathrooms
- Lot size
- Public record information collected from state and county records, such as deed transfers
- Recent sales and listing of similar properties in the local market area
- Area pricing trends
I recently sat down with Chuck Mureddu, SVP, Chief Valuation and Compliance Officer, for a Q&A about what you can expect when using an AVM.
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