The percentage of valuations returned by an AVM that meet the organization’s predetermined acceptance criteria – usually related to predictive accuracy or confidence score. For example, suppose a user defines a successful valuation as a value estimate that is within plus or minus 15% of its corresponding benchmark. If 500 of the 600 returned values from a total sample of 1000 properties met the user’s definition of an acceptable valuation, then the usable hit rate would be expressed as 500/1000 or 50%.
« Back to Glossary Index« Back to Glossary Index