Online home-value tools are convenient, but they are not the same thing as a property-specific appraisal. Automated valuation models, or AVMs, use available data and statistical models to estimate value without an appraiser developing an assignment-specific opinion for the property.
What an AVM does well
An automated estimate can be useful as a quick reference point, especially in neighborhoods with many similar homes and abundant recent sales data.
What an automated model may not fully capture
Property condition, quality of remodeling, interior finishes, view differences, site utility, acreage, outbuildings, waterfront influence, unusual layouts, accessory dwelling units, manufactured-home characteristics, and other property-specific factors may require more detailed analysis.
How an appraisal is different
An appraisal is developed for a specific assignment. The appraiser identifies the relevant market, analyzes comparable sales and other market evidence, considers the subject’s characteristics, and reports an opinion of value for a defined effective date and intended use.
Which one do you need?
If you simply want a rough online estimate, an AVM may be enough. If the value will be used for an estate, divorce, tax appeal, private sale, legal matter, lending decision, or another significant financial purpose, a professional appraisal may be more appropriate.
See our Appraisal FAQ or request a quote.