VaCAP President Pat Turner was quoted in a syndicated article by Ken Harney. The article compares the accuracy of Zillow and Redfin’s automated valuation models. Now we all know a licensed appraiser is the best source of an accurate value, but we must be honest, AVM’s are being used each and every day.
VaCAP encourages all licensed appraisers to talk with consumers and agents. Educate them on the shortcomings of relying on algorithms. We have sent out numerous pieces recently on the possible bias that is “programmed” into these models. We have also shared articles written by appraisers published on AppraisersBlogs concerning automated valuation models.
This is our future. If appraisers are not willing to step up and secure their future, who will?
Read Ken Harney’s article here.