Last Update: June 8, 2015
Property valuations are generated by a specialized computer program called an AVM, or automated valuation model, that assembles public property records to calculate a value. On occasion, AVMs for most or all of the properties in an area (ZIP, city, county) can seem too high or too low to an agent working in that area. Sometimes when the AVMs seem inaccurate, or appear inconsistent with consumer real estate websites, the apparent discrepancy can be attributed to public records issues or a general lack of comps for the area -- these elements are the cornerstone of AVM computations.
In other situations, it is simply the case that algorithms for different organizations will generate different valuations for an area, and variation is to be expected. Remember that you can change the valuation for a property or properties using the Refine Value functionality. In addition, RPR strives to improve valuation accuracy by computing an RVM®, which factors MLS data into the valuation, wherever feasible. A transition to RVMs® in your area could improve the perceived accuracy of valuations in the future.
The calculation that produces estimated values, and the refinements made to the valuation performed on RPR, do not factor city names into the valuation.