1. Realist

 

Realist Introduction

1.1. Realist Support: Data Definitions/Logic

Data Definitions/Logic

Real AVM


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Real AVM provides the estimated current market value for most residential properties.

RealAVM uses a patented hedonic-based model that applies multiple methodologies to set each value. RealAVM uses multiple modeling approaches because the nature of property data is different from county to county, market to market. It utilizes property comparables, appraiser emulation, home price indexes, and other statistical methods. MLS data and neighborhood trends are also included in these algorithms. After all of the valuation methods are complete, the RealAVM engine reconciles the values generated by the various methods to achieve a final value.

One method RealAVM uses to determine value is "appraiser emulation," which is strongest in areas with significant in-depth property characteristics data. It also tends to be the best method for valuing properties in the absence of supply-side information. A typical model search pulls all properties near the subject that have a full, arm’s length transaction and the same use code as the subject. The distance used for the search will depend on the density of properties surrounding the subject property. RealAVM brings data comparables current using proprietary indices. The average number of sales pulled per property is around 90, but it is not uncommon for RealAVM to include 300 comparables to assign an estimated value to a property.

Valuation methods such as indexing do not require as much characteristic data depth to produce valuation results. Indices examine individual properties on which there have been multiple sales over time. Those repeat sales – and the indices derived from the repeat sales – are a predictor of value changes over time that can be applied to subject properties. Page 2

RealAVM also uses MLS data, where available and permitted, to refine characteristic information available for the subject and comparable properties. RealAVM also applies MLS data to model current market conditions and their influence on actual sales value.

Tax assessed valuation methodologies can be performed with less rigorous access to characteristic data, but as with all modeling, the less data available to a model, the less likely the result is to be accurate.

RealAVM manages data variances by using multiple or hedonic modeling like that described above. RealAVM is tested on a daily basis through an exhaustive, blind testing process known as our GeoAVM™ testing process.

Property valuations are produced on 100% of the residential housing stock on a rolling basis. There is a dedicated team that insures those processes run in a timely manner, and that also tune and maintain RealAVM for maximum accuracy and performance.

In addition to the estimated value and value-range for a home, Realist also shows the Confidence Score and the Forecast Standard Deviation for the valuations.

• The Confidence Score is a statistically derived measure indicating the likelihood that the subject, comparable and accompanying data are reliable and useful. Confidence Scores range from 60% to 100%, and higher Confidences Scores indicate more robust data and ensuing accuracy.

• The Forecast Standard Deviation is also statistically derived measure showing the high/low range within which RealAVM is predicted to be accurate. Lower Standard Deviations are positive and derive from reliable and robust data.

For example, a RealAVM of $10,000 with a Confidence Score of 80 and a Forecast Standard Deviation of 82 can be said to have an 8o% probability to have a value of $100,000, plus or minus 18%.

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1.2. Realist Videos
1.2.1. Realist Results Grid

Please Click on the Following Link for a Video on Realist Results Grid

 

Realist Results Grid

1.2.2. Realist My Search

Please Click on the Following Link for a Video on Searching within Realist

 

 

Realist My Search

1.2.3. Realist Maps

Please Click on the Following Link for a Video on Realist Map Tools

 

Realist Map Tools

1.3. How to Access Realist

There are few way to access Realist in Matrix:

1)

 

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1.4. Finding your Way Around
1.5. Understanding Searching

1.6. Quick Search

Members also have the ability to modify the size of the Quick Report in Realist, by removing unnecessary report sections from the display view. 

 

For example, if you would like to limit the information on the Quick report to only:

 

  • Property Summary
  • Owner Info
  • Location Info
  • Assessment & Tax
  • Estimated Value
  • Last Market Sale & Sales History
  • Mortgage History

 

You can remove all other unnecessary sections from the display, and that will carry over to the Realist Quick Report and the Customized Report for Property Detail.  In this example it reduced the report from 4 pages to 2. 

 

To remove unnecessary sections from the display:

 

  • Click on the Modify button on the bottom right of the report
  • Click the Display, and un-select the unnecessary report sections (see image below) 

 

Once complete, select the Print button and choose “Quick” or “Customize/Selecting the Property Detail Report”.  The report will now display only the sections that you included in the display.  These selections will remain persistent, meaning that you can choose a different listing to view, if you logout of Realist and then log back in again the settings are maintained.

 

 

 

 

1.7. Creating and Saving Searches

1.8. Selecting a County or Region
1.9. Viewing Properties on the Results Grid

1.10. Opening a Saved Form or Search
1.11. Emailing Search Results
1.12. Printing Search Results
1.13. Exporting Search Results

1.14. Deleting a Form or Search
1.15. Creating Mailing Labels
1.16. About the Realist Map
1.17. Realist Map Views
1.18. Searching on Realist Map
1.19. Understanding Realist Map Tools
1.20. Working with Drawing Tools
1.21. Finding Driving Directions
1.22. Finding Points of Interest on the Map
1.23. Displaying Property and Sales Information

1.24. Researching Market Trends on the Map
1.25. Viewing Property and Location Boundaries