A property’s valuation, or Estimated Home Value, is generated by a specialized computer program called an AVM, or automated valuation model, that assembles public property records and proprietary data. (A valuation is not an appraisal.) AVM estimates are shown on Search Results and Property Details pages, and in Reports. In addition to the current estimate, the change in the past month and the past year are also shown. These estimates can be used as a baseline when comparing properties and areas, and can stimulate pricing discussions between agent and client. AVM estimates are currently available for single-family residences and condominiums.
You may notice that AVMs perform less reliably when applied to the 10 percent of the properties at the very top and very bottom of the price continuum of a market. Often there are so few, if any, comps in those price ranges that the AVM can perform unpredictably. RPR's AVM is generally quite useful for the vast majority of properties in a market.
RPR users can also refine the valuation of a property using personal knowledge to arrive at the most accurate estimate possible. Property characteristics, the condition of the property and the local market, improvement projects, and comps all can be factored into the refined valuation. This is accomplished using the “Refine Value” process. Follow the “Refine Value” link adjacent to the AVM estimate shown on the Property Details Page or from the Refine Value tab.
Estimates are also expressed in ranges. Visit this Knowledge Base article for more information about AVM and RVM® estimate ranges: http://support.narrpr.com/entries/223087-how-is-the-avm-or-rvm-estimate-range-different-from-the-avm-or-rvm-estimate