New ATTOM AVM Available in 2,194 U.S. Counties Located in all 50 States;
Full White Paper Detailing “Black Box” Behind AVM Methodology Available to Download
IRVINE, Calif. – June 26, 2018 — ATTOM Data Solutions, curator of the nation’s premier property database, and AVM Analytics, a valuation software development firm, today announced the launch of a new lender-grade automated valuation model — ATTOM AVM. Valuations from the ATTOM AVM are available for more than 80 million U.S. homes.
The new ATTOM AVM is now available for delivery via ATTOM’s various data delivery platforms — bulk file, API, match-and-append, custom reports, and ATTOM Lists.
“The new ATTOM AVM fills an important gap in the world of property valuation products that primarily reside on one of two extremes: overpriced lender-grade AVMs that are only cost-effective for a select few giant corporations; and free AVMs available to the masses but diluted due to their inherent need to be all-inclusive — not to mention they are typically not available to be delivered in bulk,” said Rob Barber, CEO with ATTOM Data Solutions. “The ATTOM AVM targets the big middle between those two extremes, providing the marketplace with a lender-grade AVM delivered via bulk data delivery platforms that are flexible and cost-effective.”
The new ATTOM AVM employs multiple valuation models to calculate the estimated value of a home and then applies a cascading model selection algorithm to choose the approach that is most accurate in the geographic area surrounding the individual property. Accuracy rates are run regularly, comparing historic ATTOM AVM values to actual sales prices, to ensure the model is continuing to cascade to the most accurate approach in every geography nationwide.
Request ATTOM AVM white paper with detailed explanation of methodology and accuracy.
The model also intentionally excludes several types of properties that can have a negative impact on the predictive value of other homes and that require more situation-specific data and modeling outside of the methodologies that work best for standard residential properties of one to four units. Some excluded property types are mobile homes, extremely high-end luxury homes, special use properties, homes on farm land, and multi-unit homes with five or more units.
“What we exclude is important,” said Clifford A. Lipscomb, vice chair and co-managing director with AVM Analytics. “Not only do we exclude certain anomalous property types, but we also exclude the subject property itself, making our monthly accuracy tests a true out-of-sample comparison.”
Each property’s AVM includes a confidence score that represents the precision of the AVM estimate and provides the basis for a range of values around the AVM, which is also included in the data delivered to clients. For example, a property with an ATTOM AVM value of $500,000 and a confidence score of 92 could be expected to sell within 8 percent of the AVM — a range of $460,000 to $540,000. The confidence score, generated via a re-sampling process, offers a conservative estimate of precision due to our consideration of the full distribution of prices in local markets.
“The ATTOM AVM provides our customers with greater transparency on two levels,” said Andy Krause, principal data scientist with AVM Analytics, who manages the ongoing development of the ATTOM AVM. “First, we deliver transparency on the individual valuation level by including greater details of the value estimate range and the process of selecting between our multiple models. Second, we offer transparency on the overall process we use for this AVM in the form of a detailed white paper available to download upon request. Access to this ‘black box’ used to develop an AVM is extremely rare in the industry, but we believe this level of transparency will arm our clients with more complete information to help them make better-informed decisions.”
Join webinar introduction to the new ATTOM AVM from ATTOM Data Solutions.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
About AVM Analytics
AVM Analytics is a valuation software development firm focused on providing insightful, transparent, and scalable solutions to clients interested in evaluating local real estate market dynamics. Its principals have more than 70 years of combined valuation experience spanning research and development activities in the appraisal and tax assessment industries, academic research, and automated valuation model design and development.
Media Contacts:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com
Andy Krause PhD
Principal Data Scientist
AVM Analytics
206.623.2935 x 210
AKrause@GreenfieldAdvisors.com
