Recognizing the appraisal industry's need to pivot to digital valuation tools in the COVID-19 era, CoreLogic has launched Total Home Value, a new automated valuation model (AVM) that eliminates the need for multiple AVMs.
"In 2020, the appraisal industry saw an immediate need to shift from traditional in-person appraisals to consistently precise and dependable digital valuation tools — a need that continues to grow and has no end in sight," said Frank Martell, president and CEO of CoreLogic. "Record low mortgage rates and a home supply shortage has meant home sellers need immediate valuations to remain competitive. This has created an even higher demand for efficient, accurate and reliable valuation tools."
In a statement, CoreLogic described Total Home Value as a single-model methodology that dramatically increases home value accuracy and hit rate for all AVM applications. The new tool uses CoreLogic's property records, MLS data, and newly added data sources to provide current market values for the US residential housing stock.
"The market continues to change, and it was time to re-imagine the traditional approach to building AVMs," said Olumide Soroye, managing director of property intelligence and risk management solutions at CoreLogic. "This ground-breaking AVM platform is powered by a rich data set that is refreshed daily, cloud computing, and machine learning techniques leading to superior AVM performance that can be validated with independent testing."