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  • Comment Detail

  • Date: 01/12/21
    First Name: Robert
    Last Name: Brown
    Email: bbrown@cbcaine.com
    Organization Type: other
    Organization: Individual

  • Comment

    Appraisal Process:
    I am very concerned about the use of automated valuation methods (AVM). I am a listing agent with a Coldwell Banker affiliate and a retired from the financial world. I utilize AVM modeling in my market value analysis of homes to list. The AVM itself is extremely inaccurate as to market value Unless the AVM is designed to pull current market comparatives like I do and like an Appraiser is licensed to do, I fear the overall market will be incorrectly valued. This will most likely result in a depressed value housing market. As an example, the Zillow "Zestimate" is an AVM. Even Zillow will tell you that their estimate is accurate "to within +/- 30% on 20% of the properties" !! Wow, AVM's and artificial intelligence (at this point in time) can not replace the actual physical eyes and inspection of a property.
    Thank you for allowing me a platform for input.