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Automated Home Valuation Systems are wonderful starting points for monitoring and getting a feel for home values, however they are not a substitute for a market analysis. I am providing this AVM for your use, I hope it’s helpful in getting a general idea and feel for the value of your home. Please do not consider the value generated by any AVM to be the last word in the value of your home.


 

The following are explanations of a few of the methods that are often used as benchmarks for valuations of real estate. All of which have a place, but none are the final word.

Automated Valuation Models (AVMs): There are a number of AVMs available to consumers. An AVM is a method of determining the value of a property based on an algorithm (mathematical system). The value determined by an AVM is only as good as the data used by the algorithm and the methodology used when creating the algorithm. AVMs typically don’t take into consideration non-tangible variations in neighborhood, features of floor plans, updates and amenities, need for updates, and other positive or negative influences which can affect value to a potential buyer. AVMs cannot account for differences in your property or the comparable properties that are not apparent through the data sets utilized.

Comparable Market Analysis: This is the methodology used by your real estate broker to help you establish a list and anticipated sale price for your property, prior to listing your property for sale or if you are structuring an offer price for a property you want to buy. Your broker should have a good sense of what has happened in the past and what is happening right now and have a “feet on the ground” sense of what appeals to buyers in today’s market, what challenges you can anticipate with the appraisal process and what current lending standards are in place. Your real estate broker should also be aware of the finer details of many of the properties used as comparables, as they have visited many, if not all of them and know the differences in neighborhoods and other nearby influences.

Appraisal: An appraisal is typically used by a lender in a transaction to support the agreed price. The purpose is to assure the lender that the collateral (security) is sufficient to support the loan request. This report is prepared by a professional hired through a third party (current regulations require that there must be separation of the lender from the appraisal process). Appraisers have a good sense of neighborhood and differences in amenities, even though they have not had the opportunity to inspect every property included as comparables in appraisal.

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