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The RVM is Churning & Burning

The RPR blog recently announced that the Realtors® Valuation Model (RVM) is up, it’s running and it’s better than your AVM. Don’t take our word for it – check out the fancy chart in the post.

The RVM is unique because it’s owned and operated by the members of NAR, aims for the highest accuracy of any AVM available, and incorporates the skills of Realtors® through their listing content.

In related news RPR now boasts more than 240 signed MLS agreements covering 422,000 Realtors®. To see if RPR is available in your area view the partner map here.

Comments
  1. Hi-
    I am a Designated Realtor & appraiser in the Lansing Michigan Area (33 yrs in the business). I have a strong interest in the Realtors RVM,as I have a background in quantitative methods/MBA (finance)/CVS certificate/Compcruncher AVM.
    The limitation of many such models is that the database does not include a field for Condition & REO status. Combined,they can have a 30% impact on value-way more than basements or baths,etc. Will the new database include these variable? I know the Paragon MLS system has an REO/foreclosure category,but here in Lansing,the MLXchange system only has owner. In this field the salesperson enters “HUD” or “VA” or “Bank”,or “REO” or” c/o smith realty”,etc,etc. So, a program would have little success labeling a sale REO or not. If these 2 critical items are left out of the database,the model will “force” the variation into remaining categories,and we end up with $40,000 fireplaces and $25,000 half-baths. If the most important variables such as Condition & REO status are excluded from the model,the Standard Error will be way above what it should be & reliability of model will be greatly lessened. If neccessary,NAR could insist that MLS systems include these variables. Please pass this on to your software developers (I used to program years ago,myself) .any thoughts?
    Paul Hickner Realtor Williamston,MI 1-517-655-3966
    appraiserone@cablespeed.com

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