An AVM’s primary advantage over a traditional appraisal is that it saves both time and money.AVM is unbiased versus the human bias which can occur with an appraisal – an AVM cannot commit fraud or make mistakes with calculations. An AVM does not replace a full appraisal since an appraisal, unlike an AVM, does take into account the external and internal condition of the property. Depending on the situation, an AVM can be used to supplement and/or audit the traditional appraisal process.

All AVMs rely on the accuracy, comprehensiveness, and timeliness of the data they use. Valuation accuracy will vary, depending on a wide range of factors. The most significant factor is the number of recent residential valuations in the area and how similar the property is to surrounding area properties. Generally, all AVMs tend to be less accurate in rural areas where the comparables are fewer. However, even in rural areas, AVMs are also less accurate when valuing properties that are unusual, much larger than average, or have the particular distinctive features.

Our Company’s Valuations team of highly experienced valuers and reviewers all certified by RICS (Royal Institution of Chartered Surveyors) and TEGoVA