AVM "V" My Appraisal

[glenn walker]

Just finished a report where my comparables after being adjusted were in a range of $444,000 to $463,000 and my final reconciled OMV was $450,000. JUST OUT of curiosity I ran the AVM that one of the companies I do reviews for uses. The AVM"S value $448,600 "V" my $450,000 with a confidence score of 84. Not bad a $1,400 difference between my final OMV. Now I will admit the house I did was located in a large development of similar, age and designed homes that were between 1,400 Sq.Ft. to $1,750 Sq.Ft and there is always a fairly good size data pool. Anyway these AVM'S are getting better and frankly the lender could have used the AVM or a desktop and been fine.

 

[Meandering]

Just finished a report where my comparables after being adjusted were in a range of $444,000 to $463,000 and my final reconciled OMV was $450,000. JUST OUT of curiosity I ran the AVM that one of the companies I do reviews for uses. The AVM"S value $448,600 "V" my $450,000 with a confidence score of 84. Not bad a $1,400 difference between my final OMV. Now I will admit the house I did was located in a large development of similar, age and designed homes that were between 1,400 Sq.Ft. to $1,750 Sq.Ft and there is always a fairly good size data pool. Anyway these AVM'S are getting better and frankly the lender could have used the AVM or a desktop and been fine.

And when do you anticipate future development will impact values in the neighborhood? Or do you neighborhoods stay the same forever?
Zoning, infrastructure, major employers; any changes anticipated or planned? How about rising seas?


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[J Grant]

Just finished a report where my comparables after being adjusted were in a range of $444,000 to $463,000 and my final reconciled OMV was $450,000. JUST OUT of curiosity I ran the AVM that one of the companies I do reviews for uses. The AVM"S value $448,600 "V" my $450,000 with a confidence score of 84. Not bad a $1,400 difference between my final OMV. Now I will admit the house I did was located in a large development of similar, age and designed homes that were between 1,400 Sq.Ft. to $1,750 Sq.Ft and there is always a fairly good size data pool. Anyway these AVM'S are getting better and frankly the lender could have used the AVM or a desktop and been fine.

I don't have access to a lender AVM, but I have run some internet AVM's on houses I've appraised - as you experienced, the value can be scarily good. But other times, the value is "off"- by a minor or large amount. The problem is nobody can predict which will be the result...

In any event using an AVM's as a check on an appraisal and using an appraisal as a check on an AVM is the best of both worlds , AVM's are free/cheap and thus to use them this way makes sense., rather than just replacing an appraisal with an AVM . I can never understand why appraisers advocate for eliminating their own service? I never see it from any other profession, including RE agents who sorry to say if anyone is over charging for a semi obsolete service it is them...but they never, ever advocate for replacing themselves, nor does anybody else. Only appraisers, can not understand it .The most self sabotaging bunch of people I've ever encountered.

 

[djd09]

i did one which the house was built in the late 1800's. The avm supplied to me used sales that were built in the 2000's. The AVM was $100,000 higher then my value. No kidding.

 

[glenn walker]

And when do you anticipate future development will impact values in the neighborhood? Or do you neighborhoods stay the same forever?
Zoning, infrastructure, major employers; any changes anticipated or planned? How about rising seas?


.

Since its 55 miles north of the Pacific Ocean I don't think rising seas will be a factor , but I will send a memo to the data guys just to make sure that's is factored in LMAO

 

[glenn walker]

i did one which the house was built in the late 1800's. The avm supplied to me used sales that were built in the 2000's. The AVM was $100,000 higher then my value. No kidding.

You are too conservative the AVM proved it

 

[djd09]

sure, the avm will be the new number hitter of the 2020's.

of course if it doesn't hit the first time, push button and get a second number.

 

[glenn walker]

sure, the avm will be the new number hitter of the 2020's.

of course if it doesn't hit the first time, push button and get a second number.

What do you think Fannie is using for it's PIW ?

 

[Terrel L. Shields]

AVM this

 

[TRESinc]

i did one which the house was built in the late 1800's. The avm supplied to me used sales that were built in the 2000's. The AVM was $100,000 higher then my value. No kidding.

now do one like the OP posted and tell us the results.