Black Knight has announced the release of a new automated valuation model (AVM), developed by Black Knight Collateral Analytics, that delivers more accurate property values.
The new tool, CA Property Condition AVM, takes into consideration the condition of real estate properties to help determine property values. The AVM utilizes residential sales data such as public records, multiple listing service records, and proprietary data.
Additionally, CA Property Condition AVM factors in the state of the property or the physical attributes of a home when calculating estimated property values. The AVM allows companies to provide values while minimizing physical property inspections, according to Black Knight.
“Historically, AVMs have provided a somewhat one-dimensional picture of valuation by assuming the vast majority of properties are in average condition,” said Mike Sklarz, executive vice president and managing director of Black Knight Collateral Analytics. “CA Property Condition AVM represents the next generation of AVMs by expanding the view of a property through more comprehensive, current data and improving the accuracy of property values by automatically taking property condition into consideration.”
Black Knight’s AVM is available on its website, through an application programming interface or via a batch process.