VeroVALUE generates property value estimates based on multiple proprietary statistical modeling methodologies that have been developed and cultivated by Veros since 2001. These models use a variety of data sources including publically sourced data and privately sourced data to generate the current value estimates on each report. The VeroVALUE report includes a value estimate, value range, confidence score (degree of confidence in the accuracy of the valuation estimate), as well as supplemental data on the subject property and nearby properties based on the latest available information.
By their nature, AVMs are automated and objective tools. AVMs provide an advantage to users in preventing possible bias that can contribute to the over-inflation or under-valuation of a property, however, AVMs rely on the best available marketplace data and do not have the capacity to assess value changes that may be associated with home additions, renovations, lack of maintenance, or other factors which may contribute to or detract from the market value of the property. It is also important to note that inaccuracies may exist within the public and privately sourced data. Even the best analytic models are limited by the availability and quality of the data they receive.