Technology Corner
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AVMs: Hop on board the train, or get left behind?
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Since the development of the first commercially marketed automated valuation model (AVM) in 1981, appraisers, investment professionals and lending institutions have been using these powerful, technology-driven reports to calculate a property’s value at a specific point in time by analyzing values of comparable properties.
By the dawn of this millennium, AVM technology was used primarily by institutional investors to determine risk when purchasing collateralized mortgage loans. Today, AVMs are often deployed by mortgage lenders to determine a property’s worth. They are particularly useful in assessing the value of a property and are an important tool in the belts of many successful appraisal professionals who use them to streamline their business and save time, money and resources.
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