Online Automated Valuation Models
Comparable Sale Reports
|Online Automated Valuation Models, known as AVM's, or Comparable Sale Reports are
basically databases online that try to match up similar properties to give you an idea of
the range of sales prices that has historically been recorded. This information is limited
to factual data, such as how big the house is, the number of rooms and bedrooms, age of
the house, and distance surrounding the house. Some databases used historical information,
taken from mostly county record data. Some databases are collecting information from
appraisal reports, where a property's physical characteristics are being verified by a
real human being.
|Details as to the level of updates, remodeling, overall level of appeal are not
typically available with raw data. This would require a "Qualitative Analysis"
based on reasoning and most of the models (the way databases do the search) typically
don't have the ability to make such judgments. Also, if in the marketplace where the
house is located, sales prices change rapidly, then historical data may give you a false
reading of current conditions. You can think about or determine if your market area is
experiencing this trend, up or down. The key to any AVM or CSR is to use you OWN
judgement, just like an appraiser does with raw data. At least drive by the comparables to
see if they are similar or verify the data with one of the market participants (buyer,
|However, if the house you are searching for is located in a market where sales prices
do not vary a lot, then an "AVM's" or "CSR" is a good first step
to get an idea what most houses similar to the one you are searching for are selling for.
|It has become apparent, that for some housing, some locations have a fairly tight
range of sales prices and over time do not change much. Users or readers of typical
appraisal reports are searching for simple, quick and easily obtainable data to make a
decision on real estate, whether it be to list a property for sale, buy a property, make a
loan on a property, or a need to know or determine an estimate of value. Also, its a good
practice to check on new or recent listings and pending sales in the location to
determine "current" market conditions. Listings and sale pendings reflect the
most recent competitive alternatives to the property your are researching.
|The reliability and confidence levels of AVM's or CSR's vary a great deal. It requires
the user to think and make judgments concerning the data presented in the reports or raw
|In the meantime, the Timothy M Poppaw, Appraiser is proud to introduce, search and find web
sites which have taken the first step in this new and growing field. The companies listed
below have taken the time and energy to developed online databases. Some of the data is
free and some of the data will cost you a little to obtain. Some databases are incomplete
in the capabilites and quality of data and some databases are very complete. Feel free to
comment how the databases help you.
Links to known online AVM's or
If you know of other similar web sites,
please email the link!