As a member of the National Association of Realtors (NAR) I have access to something called Realtors Property Resource. Created by NAR, the RPR site and app provided comprehensive data and analytics about local real estate. Information from Alexandria’s Multiple Listing Service is used to come up with an AVM, automated valuation model, and/or a Realtors Valuation Model, RVM. Both use proprietary algorithms and arrive at their own estimate. On each property valuation there will be an AVM Confidence Score and a RVM Confidence Score, shown on the Property Details page. Both are values between zero and five stars that indicate the level to which each model is in agreement with the other estimated values for a specific property.
I have found it to be a little bit whacked on lake properties. To be fair though, when they have values far out of line they do have a low confidence score assigned and I’ve found some lake homes that have a high confidence score and the automated value is very close to the market value. For homes without lakeshore, the automated values look pretty accurate. Part of it is having more comps as more homes off the lake sell in a 12 month period. The other factor is even if there are a lot of sales on a particular lake it is pretty tough to automate putting values on the lakeshore quality. It’ll be an interesting resource to continue to explore.
For all Alexandria residential properties for sale, both lakefront and non-lakefront, RPR reports a median estimated value of $198,000, a median list price of $150,000 and a median sale price of $161,000. If the computer model is correct, there are some good values in our area. I agree with the computer.