An AVM’s estimated value can be higher or lower than actual market value due to limitations of the mathematical formulae, data coverage, heterogeneity of comparable sales, and other factors.
To reflect those variables, AVMs produce scores that tell you the AVM provider’s confidence in the estimated values.
The confidence scores of the Geowox AVMs indicates the probable accuracy of the AVM result and estimated value range. Higher confidence scores indicate greater probable accuracy, while lower confidence scores indicate less probable accuracy.
Different AVMs calculate confidence scores differently, so a score of ‘mid’ on one AVM report may mean something different than a ‘mid’ from another AVM provider.