1,052,321
Only if you use them! LOL
Real estate remains local and hyperlocal. AI will never know that, as it will never be in a house.
PS this is more appropriate as a blog post. If it already is, it should just be linked to.
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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John Meussner
Fair Oaks, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Dahlberg
Pleasant Prairie, WI
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Wanda Kubat-Nerdin - W...
St. George, UT
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Doug Dawes
Topsfield, MA
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Kat Palmiotti
Kalispell, MT
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Lyn Sims
Schaumburg, IL
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
3,345,257
It depends on what they are being used for.
Acceptable for a refinance of a home that clearly has a lot of equity. With enough equity, I've known lenders to waive appraisal on refinances.
There are likely more instances where they are being used in a manner that does not serve the greater good.
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Don Baker
Eatonton, GA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Dahlberg
Pleasant Prairie, WI
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Greg Large
Grove City, OH
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
584,756
I really don't care for AVM, for I believe the system robs my buyer clients of Equity. Especially when in the slower market when I know I made a great deal for my client.
I'm also NOT a fan of having an Appraiser the means of viewing the Contract until after they presented their opinion of Value of House!
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Dahlberg
Pleasant Prairie, WI
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Greg Large
Grove City, OH
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
1,844,301
Why are you writing a post the the Q&A section. Since AVM's are not new, I do not think they are lowering property values. In fact, I think it points out how valuable an agent actually is.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Dahlberg
Pleasant Prairie, WI
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Wanda Kubat-Nerdin - W...
St. George, UT
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Greg Large
Grove City, OH
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Nina Hollander, Broker
Charlotte, NC
2,390,787
They were not prevalent when I was active Tim Bray so they had little effect on my market. I don't know what our City tax assessor is using but I'd sure like to put a stick of dynamite underneath it.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Dahlberg
Pleasant Prairie, WI
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Greg Large
Grove City, OH
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Shayne Stone
Fulshear, TX
644,165
AVM's are just one tool in a professionals toolbox, and can be affirmed or proven incorrect with proper analysis of the data or...missing data.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Dahlberg
Pleasant Prairie, WI
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Doug Dawes
Topsfield, MA
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
4,694,312
If people would just understand what they are and why they aren't accurate, it would make things a lot better, haha.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Diana Dahlberg
Pleasant Prairie, WI
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Doug Dawes
Topsfield, MA
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Peter Mohylsky, Beach ...
Miramar Beach, FL
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
3,126,213
No. It is not usually local and does not replace the human aspect of business. Thank goodness1
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Diana Dahlberg
Pleasant Prairie, WI
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Kathleen Daniels, Prob...
San Jose, CA
2,781,313
algorithms are replacing reality in many of our subjects and will soon take over called artificial intelligence. Human reasoning, common sense and allowances will take a back seat to statistics, charts & projections a type of pseudo truth if you will.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Diana Dahlberg
Pleasant Prairie, WI
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Richie Alan Naggar
Riverside, CA
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Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
901,902
It's one more opportunity for us to educate people.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Diana Dahlberg
Pleasant Prairie, WI
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Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
2,436,470
It's also difficult for AVMs to be able to accurately estimate prices in states that do not disclose sale prices publicly such as MT, TX, UT, WY and more.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Brian L. Sirota, Esq.
Orange, CA
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Doug Dawes
Topsfield, MA
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
2,241,703
A west coast algorithm attempting to nail the current market value of a home four time zones away doesn't cut it. Only a real live real estate professional who knows the current local market backwards and forwards can.
The market cycles, economic shifts, the neighbor who just had a police raid last night, all of it. You ooze all that is local and have the instincts, skill set custom fit for where list, twist, sell.
Experience. Awareness. Connection. Intuition. Vested. And adapting to the many personalities and time deadlines work arounds. Heart and soul. Real estate is a jealous master, everything local and fixed based.
You eat, breathe, see and feel the market temperature to make the best decisions in the moment because you are smack dab in the middle of listing sale surgery 365-52-7-24 Tim Bray !
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
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Lyn Sims
Schaumburg, IL
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Kat Palmiotti
Kalispell, MT
1,197,555
It all depends, they are the elephant in the room, there are various different versions and some are better than others. Valuation is an art not a science.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Doug Dawes
Topsfield, MA
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
5,104,931
As Candice A. Donofrio said... only if you use them! No reason to use them. I had a client just the other day who questioned why my analysis showed a lower value for his home than what Zillow showed. I gave him five reasons why there was a discrepancy... he got it.
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John Juarez
Fremont, CA
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Diana Dahlberg
Pleasant Prairie, WI
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Lyn Sims
Schaumburg, IL
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Shayne Stone
Fulshear, TX
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Bob "RealMan" Timm
Minot, ND
3,164,405
I find it rare that local lenders use them. Just had one that did and waved appraisal, but buyer is putting down 60% so it didn't hurt anything there.
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Diana Dahlberg
Pleasant Prairie, WI
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
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Don Baker
Eatonton, GA
378,517
In today's market it seems pretty solid, when a market is rapidly changing it can cause issues....
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
2,178,703
I know it is misleading and confusing buyers and sellers.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
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Doug Dawes
Topsfield, MA
900,278
No, they are just muddying the waters and making our jobs more difficult - more explaining to do. They are okay for getting a sense for the value.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Brian L. Sirota, Esq.
Orange, CA
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Bob "RealMan" Timm
Minot, ND
7,836,873
Good agents and mortgage loan officers will challenge incorrect valuations.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
6,393,709
They can add a bit of confusion to the consumer, however they are powerful for collecting names of potential sellers, just ask Z or many of others that are in the business of collecting names and selling them to agents.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
1,196,798
This would make a good blog post.
As far as AVM's, I've never held them in high regard. They tend to be misleading and cause confusion
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
679,404
My buyers have gone out there and looked on their own (using Z, R, etc), however once I take the time to give them all the reasons they want me to do the research and give them a professional opinion ... they get it! There is a time and a place for these and when you are working with a client who wants to really understand the local market, I'm their gal! Not some AVM that is just pulling stuff out of the database -- Real Life happens!
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Bob "RealMan" Timm
Minot, ND
5,230,164
It is our responsibility to educate our sphere/consumer.
These automated 'guesstimates' are getting closer to accurate than ever before. AI technology is perfecting automated valuations but, there will never be any computer that can compete with the accuracy of a skilled real estate professional's valuation.
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Bob "RealMan" Timm
Minot, ND
1,311,772
We cannot stop giants like Zillow and other from putting out their AVMs.
When we make a listing presentation, we include a sheet displaying several AVMs for the subject property. They are usually widely divergent. It makes our professional, custom valuation look more legitimate and correct.
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Bob "RealMan" Timm
Minot, ND
1,622,432