Mass Appraisal and Automated Valuation Models
Automated valuation models (AVMs) are growing in acceptance. These rely on statistical models such as multiple regression analysis or geographic information systems (GIS). While AVMs can be quite accurate, particularly when used in a very homogeneous area, there is also evidence that AVMs are not accurate in other instances such as when they are used in rural areas, or when the appraised property does not conform well to the neighborhood. AVM's have also gained favor in class action litigation, and have been substantiated in numerous cases, both in Federal and state courts, as the appropriate method for dealing with large-scale real estate litigation problems, such as contaminated neighborhoods
Read more about this topic: Real Estate Appraisal
Famous quotes containing the words mass, appraisal, automated and/or models:
“The hard truth is that what may be acceptable in elite culture may not be acceptable in mass culture, that tastes which pose only innocent ethical issues as the property of a minority become corrupting when they become more established. Taste is context, and the context has changed.”
—Susan Sontag (b. 1933)
“When one cannot appraise out of one’s own experience, the temptation to blunder is minimized, but even when one can, appraisal seems chiefly useful as appraisal of the appraiser.”
—Marianne Moore (1887–1972)
“Now, as always, the most automated appliance in a household is the mother.”
—Beverly Jones (b. 1927)
“Grandparents can be role models about areas that may not be significant to young children directly but that can teach them about patience and courage when we are ill, or handicapped by problems of aging. Our attitudes toward retirement, marriage, recreation, even our feelings about death and dying may make much more of an impression than we realize.”
—Eda Le Shan (20th century)