Interested in the value of your home? Honestly, who isn’t.
There are many Automated Valuation Models (AVMs) available online. While none will be 100% accurate, the degree to which they represent actual market value lies in the types of data that AVM providers use to generate the AVM.
The problem with AVMs
Although most AVMs are readily and publicly available to consumers, real estate agents, appraisers and lenders – they carry distinct disadvantages. First, without a physical inspection, AVMs do not factor in a property’s condition and thereby, rely on “average condition” scenarios when determining value.
Second, most AVMs draw from public records sources which can be inaccurate and incomplete.
AVM at Maine Home Connection
We have recently added a valuation tool on our website which incorporates listing and sales data from the MLS into its algorithm thus taking property valuation to a whole new level. In effect, the MLS data is the “secret sauce” that fills in the blanks found in public records.
While this new AVM can still be impacted by inventory levels and property condition, it is based on live data that is updated consistently.
While the AVM is not meant to be an appraisal, it does provide a very effective starting point to determine an accurate market value.
Get your valuation online
To get a valuation of your home, visit: Home Valuation on our website. All you need to do is enter your address!
Moving to Maine?
About the Author: Michael
