VALUATIONS - CoreLogic

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VALUATIONS
The Automated Valuation Model Built for Real Estate Agents
and Brokers
RealAVM™ an automated valuation model (AVM) from CoreLogic® offers real estate
professionals the ability to provide buyers and sellers with highly accurate property values –
quickly. RealAVM combines local MLS data, where available to us, our nationwide property
database, and the power of our patented AVM technology – the same technology used in
our lender-turned AVMs. RealAVM identifies the predicted market value and includes a
value range and confidence score with each valuation returned. Because so many lenders
use our AVMs, RealAVM gives you a preview of what the lender is likely to see, information
that can expand the marketing information and insight you provide to clients.
The RealAVM Difference
Building reliable AVMs takes extensive data, skill, experience and industry understanding.
At CoreLogic, we’ve combined these critical elements to bring you RealAVM:
►
Data – CoreLogic pioneered using MLS data in AVM creation. In addition, we collect
and maintain the nation’s largest, most current and comprehensive property database,
updated daily and covering 99.7 percent of all U.S. properties. RealAVM draws from
both of these data sources to deliver highly accurate property values.
►
Skill – CoreLogic analytics are developed by our team of more than 50 PhDs,
economists, modelers and appraisers.
►
Experience – We’ve been building AVMs for more than 20 years and hold a patent
for our modeling approach. During that time, we have remained at the forefront of
the AVM market by continually refining the solutions we deliver. Our AVMs currently
return millions of valuations each month.
►
Industry Understanding – In addition to having the broadest coverage and highest
accuracy of MLS-enhanced AVMs, CoreLogic is also a leading provider of applications
for the real estate community, including Fusion™ MLS, MLXchange®, InnoVia®,
AgentAchieve™ and many others.
Engineered for real estate brokers and agents using patented analytic
models and nightly blind testing, RealAVM delivers property values you
can share with confidence.
CoreLogic provides
AVMs to 18 of the
nation’s top 20
mortgage lenders.
RealAVM At-A-Glance
RealAVM estimates a residential property’s market value at a specific point in time. These model estimates are subject to error,
so AVM providers also produce performance metrics called confidence and forecast standard deviation scores, which assess the
accuracy and quantifies the AVM provider’s confidence in these estimates of value. Key Performance Metrics.
►
RealAVM Value - RealAVM employs multiple valuation methodologies recursively for each valuation. RealAVM utilizes property
comparables, MLS listing information, home price indexes and various statistical methods in a neural-network environment to
reach the final value for a property. There is a dedicated team that continuously tunes and maintains the model for maximum
performance.
►
RealAVM Confidence Score- RealAVM’s confidence score is a measure
of the extent to which sales data, property information and comparable sales
support the property valuation analysis process. The confidence
score range is 60-100. Clear and consistent quality and quantity
of data drive higher confidence scores while lower confidence
scores indicate diversity in the data, lower quantity of data, and/or
limited similarity of the subject property to comparable sales.
►
RealAVM FSD Score - The Forecast Standard Deviation (FSD)
denotes confidence in an AVM estimate and uses a consistent
scale and meaning to generate a standardized confidence
metric. The FSD score is a statistic that measures the likely range
or dispersion an AVM estimate will fall within, based on the
consistency of the information available to the AVM at the time
of estimation. If you think of an archery target with the AVM
estimate as the bull’s eye, the FSD score tells you into which ring
around the bull’s eye the actual value of a property is likely to fall,
as shown in Figure 1. The lower FSD score the better. Using the
target analogy, a low FSD score indicates that the AVM estimate is
more accurate and the actual value lands closer to the bull’s eye.
FORECAST STANDARD DEVIATION (FSD)
FSD
Scale
50
40
30
20
10
0
10
20
AVM
Estimate
30
40
50
The FSD tells you, with 68 percent
statistical certainty, into which ring the
actual value is likely to fall.
Access RealAVM Today
You’ll find RealAVM integrated in these CoreLogic products:
►
ValueMap – This easy to use, map-based valuation service integrates into your existing website
►
Realist – Our MLS-enhancement tool that links public record data with any web-based MLS system for seamless delivery of indepth property data, market information, and maps
►
MLS Data Co-Op – The simple, cost-effective system that enables secure data sharing between MLSs
FOR MORE INFORMATION PLEASE CALL 1-866-774-3282
© 2011 CoreLogic
CORELOGIC, MLXCHANGE, and INNOVIA are registered trademarks of CoreLogic
REALAVM, AGENTACHIEVE, and FUSION are trademarks of CoreLogic
All other trademarks are the property of their respective holders.
1-REALAVM-0511-00
corelogic.com

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