What Is the Accuracy of Valuation by Computer Statistical Program (Database Appraisal or Internet Valuation)?
With the rise of computing power and the Internet, a value number can be generated for nearly any residential property in the United States at the touch of a button. As with assessments, their accuracy is measured statistically. Unfortunately, however, that statistical accuracy is almost never shared with individual property owners. To the average property owner, there is a 100% certainty that a number can be generated, but its accuracy is completely unknown. In certain instances, such as a very large tract subdivision of relatively uniform homes in an active market in a major city, this type of valuation can be quite accurate. In the type of housing we have in central Wisconsin, accuracy is considerably reduced. Keep in mind that the data for this type of number is typically taken from assessment records, but unlike the assessor’s office, there is no one programming the database at all personally familiar with the local market or any of the individual properties in it. One national da
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