Is an instant home valuation reliable? We Put AVM Technology To The Test.
“How much is my home worth?”, you ask. Your instant home valuation will offer an answer. In order to provide the most reliable instant estimate of value we can produce, we utilize the automatic value model technology and database developed by RPR. Since the database was originally created for use by professional appraisers, it is clearly the best resource available. Of course, it is a reliable source of the current comparable sales information necessary to produce a fair estimate of your home’s value.
However, instant estimates have limitations. To test them, we visited six different websites and obtained instant valuations of the same home. We then compared the AVM valuations produced by these sites to assess the reliability of the technology. The home is located on NW 49th Manor in Coral Springs, Florida and was our home for twenty one years. Therefore, I know the property intimately. It has approximately 3000 sq. ft. of living space and 4500 sq. ft. of total space, a large paver patio area with pool and spa, and an updated kitchen. Since it backs onto a small lake, it has a competitive advantage. To see the results of our experiment and learn more about valuation methods, please visit the “Are instant home valuations reliable?” page in the guides section of our menu.