Zillow, Redfin and others Sites provide a valuation of residential properties.
Below, are the definitions of AVM and RVM which are used as tools to determine values of Residential properties. Zillow and others sites who provide valuations on properties are using AVM which does not take into account for upgrades or negative features and market conditions that affect the calculated price. AVM, assumes are all properties are average conditions.
However, RVM is a more accurate home valuation detailing certain comparables and features. Please contact us to get an expert valuation of your property.
Automated valuation model (AVM)
Automated valuation model (AVM): an analytical process that produces real estate valuation estimates. An AVM combines sales history, comparable real estate data, any available proprietary appraisal information and certain economic factors to determine market conditions and their impact on home values. Appraisers and lending institutions use AVMs to calculate probable selling value of the residential real estate. A valuation estimate produced by an AVM is not the same as an appraisal report prepared by a licensed professional appraiser.
Realtors Valuation Model® (RVM®)
In some markets, RPR displays Realtors Valuation Model® (RVM®) property estimates in addition to or instead of Automated Valuation Model (AVM) estimates. RVMs are similar to AVMs but also factor in MLS listing, sales, and off-market data to yield a more accurate home valuation.