PROFESSIONAL VS. AUTOMATED
About Automated Valuations
7 things an automated valuation won't tell you
Automated Valuation Models (AVMs) and free online home value tools are convenient, but they have significant limitations. Here's what those results aren't telling you.
Whether the house is really there.
A computer can't drive by to verify the property is located where it's supposed to be, has four walls and a roof, and really is the four-bedroom home described in the records.
Whether unique features add to or detract from value.
Did the computer account for the busy road nearby? The school district? The desirable tree-lined street versus the one next over? A professional appraiser evaluates these factors; a computer cannot.
How current the assessment data is.
Many AVMs rely on public assessment records that may be years old. In some states, assessments are only required every three years, and values may be capped below actual appreciation. You risk getting a number that doesn't reflect today's market.
What makes the comparables truly comparable.
A computer might compare your home to one with similar square footage a quarter-mile away — even if that property is in a less desirable school district, fronts a busy road, or was sold under duress. A computer simply doesn't know all the adjustments that need to be made.
Whether the market is declining.
Automated valuations use recent sales data. If those sales occurred at a market peak, the computer will project an upward trend — even when a professional appraiser can see that the neighborhood is beginning to experience a downturn.
Whether there is a conflict of interest.
Free online home values are often provided by real estate agents who want your listing. They may show a higher number to impress you into signing a listing agreement. A professional appraiser has no stake in the transaction outcome.
The qualifications behind the number.
When you work with a professional appraiser, you can be confident they're highly qualified, ethical, and prepared to complete your assignment with sound judgment. With free online values, you rarely know who's behind the number — and their qualifications can't compare to a licensed appraiser's education and experience.
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