Issue link: http://dsnews.uberflip.com/i/1149365
62 I N D U S T R Y I N S I G H T / S T E V E G A E N Z L E R An accurate home valuation is truly the cornerstone upon which the purchase or sale of a home is built. With price naturally being one of the top priorities for both the homebuyer and seller, all parties rely heavily on the accuracy of the valuation. Historically, "getting it right" could mean weeks—even months—before lenders have an appraiser's valuation report; and the homebuying and selling process cannot be completed until the report is received. Automated Valuation Models (AVMs) have established themselves as helping with both accuracy and speed. AVMs are tools that use mathematical and statistical modeling techniques applied to large sets of data to establish a point-in-time estimate of the price of a piece of real property. A combination of expanded processing power and newer and deeper sets of data are providing faster and better information to users. Increasingly, artificial intelligence (AI) and machine learning (ML) are empowering AVMs to grow more knowledgeable, constantly improving the process. GETTING A MAKEOVER While earlier conceptions of AVMs could churn data with a mathematical formula, without photos and modern AI they couldn't determine critical value elements such as the Artificial intelligence and machine learning can be useful tools to help improve accuracy within home valuation models.