"In today's fast-moving real estate market, speed and data accuracy have become essential tools for buyers, sellers, and lenders alike. One of the most innovative technologies helping to streamline property valuation is the Automated Valuation Model (AVM). An AVM is a computer-based system that uses statistical and mathematical models - along with real estate data - to estimate a property's value quickly and efficiently."
"At their core, automated valuation models rely on data - lots of it. These systems analyze property characteristics and recent sales data to estimate what a similar property might sell for in today's market. AVMs use several layers of inputs and computations to arrive at a result: 1. Data inputs AVMs pull from multiple, interconnected data sources to generate a reliable valuation estimate, analyzing everything from property specifics to broader market dynamics:"
Automated Valuation Models (AVMs) apply statistical and mathematical models to large sets of real estate data to estimate property values quickly and efficiently. AVMs aggregate multiple data sources and analyze property characteristics, recent comparable sales, and local market conditions. Inputs can include year built, lot size, living area, bedroom/bath counts, architectural style, energy-efficiency upgrades, renovations, and amenities. AVMs use layered computations to adjust for neighborhood trends and unique property features. AVMs provide rapid, data-driven valuation estimates useful to buyers, sellers, and lenders, and can streamline or complement traditional appraisals in many transactional workflows.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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