What should I know if my home is valued using an AVM (Automated Valuation Model)?

What is a Hybrid AVM?

A Hybrid AVM, or Automated Valuation Model, is an underwriting-grade appraised value report used by Point in certain cases to determine the value of your home. Unlike regular appraisals that require a home inspection and take time to complete and review, an AVM provides an instant valuation followed by a walkthrough you can do at your own preferred time using your phone.

Can I request an AVM instead of a traditional appraisal?

No, you cannot request an AVM in place of a traditional appraisal. Point uses specific criteria to determine whether a property qualifies for an AVM, and not all homes meet these requirements. If your home does qualify, Point will automatically attempt to generate an AVM report. Factors that influence eligibility include the size of your home, the size of your lot, and the amount you are requesting from Point.

What happens if an AVM isn’t accepted?

Point will order a traditional appraisal to provide a more accurate valuation. Because AVMs are automated they must meet specific criteria to be accepted by Point. This ensures that your home value is fair and accurate. For example, one key requirement is that the two values provided by the AVM must be within a certain range of each other to ensure confidence in the report. Additionally, the comparable properties used in the AVM must be recent and similar to your home.