What is an estimate (AVM) and how is it calculated?
An AVM (automated valuation model) uses historical sales data and price trends to determine a property value.
These estimates are not the same as a professional appraisal, but you can use them as a starting point if you’re planning to sell your home and want to get an idea of how much it’s worth.
An AVM estimate is based on publicly available home sale data and derived through a proprietary statistical formula; the more data there is, the more reliable the estimate.
How should you use your AVM?
Use your AVM estimate as a baseline pricing for your home, not as a recommended price. To get an expert opinion on how much your home might sell for, talk to a local real estate agent or explore what similar homes are selling for in your neighborhood with our interactive pricing tool.
Can I use the AVM to get a loan?
No. An automated valuation model is just an estimate of a property’s worth based on publicly available data and is not viewed by lenders as a professional assessment of a property’s actual value.
How can I get a professional assessment of my home’s actual value?
You can work with an agent who can help provide a Comparative Market Analysis (CMA) of your home based on similar properties or hire a professional appraiser to perform an appraisal of its actual value.
Unlike an AVM, these methods both include an in-person inspection of your property to determine an accurate value.
How often is the property information updated?
The property information comes from public records and is updated periodically. Each county updates at different intervals, so the information shared with Movoto.com may not be the most up-to-date.
Can the property information be updated or removed?
We are working on a way for the homeowner to claim their property and provide updates. It is not possible to remove the property information.
Why don’t all properties have an AVM?
Since AVMs are based on publicly available data, it’s not possible to provide an AVM if no data for the property is available. The availability of data can vary from market to market.
If your property doesn’t have an AVM, you will likely need to utilize a CMA or appraisal as mentioned above to accurately determine its value.