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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.
Redfin It says it bases its estimates on hundreds of data points, including information about the home itself, the neighborhood the home is in, the overall real estate market and more.
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.
The International Valuation Standards Council (IVSC) is a non-governmental organization (NGO) member of the United Nations with membership that encompasses all the major national valuation standard-setters and professional associations from 150 different countries (including the Appraisal Institute, the American Society of Appraisers, the RICS ...
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.
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
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