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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