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The accuracy of home value estimator tools has become such a topic of debate, in fact, that a group of Chicago homeowners once sued Zillow over their allegedly inaccurate estimates.
AVMs analyze local sales data, property records and market trends to estimate the value of your home — similar to online value estimators like Zillow and Redfin, but with more detailed data.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
An AVM is a residential valuation report that can be obtained in a matter of milliseconds. It is a technology-driven report. The product of an automated valuation technology comes from the analysis of public record data and computer decision logic combined to provide a calculated estimate of a probable value of a residential property.
Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25] Property values are determined at a particular valuation date for each jurisdiction, which varies widely.
Cost approach is a real estate appraisal valuation method used to price an individual property. [1] It is one of three methods, the others being market approach, or sales comparison approach, and income approach.
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