What are the different data sources that AVMs use for property valuation?

Automated Valuation Models use many data sources including proprietary databases, public records, online platforms, multiple listing services, etc.

Is AVM needed for all types of properties?

AVMs offer both residential and commercial real estate valuation models to appraise different types of properties. However, you can also use other methods to evaluate property value, so it’s not always used.

Does AVM offer an accurate valuation of properties?

The accuracy of AVMs depends on the quality of being used to determine property value. However, AVMs are software, and they are more accurate than human appraisers in determining the value.

How much does it cost to build AVM software?

Software development cost varies due to complexity and functionalities. On average, the cost can be anywhere from $20k - $50k. However, it can be more with the increase in complexity.

What is an Automated Valuation Model (AVM) in Real Estate?