Automated valuation models can have meaningful error rates that vary by market and property type. In NYC, the error can be particularly high - especially for co-ops, unique properties, and buildings with limited recent sales data. AVMs cannot account for apartment condition, views, floor level, or renovation quality. Use them as a starting reference point, not a pricing decision. A comparative market analysis from an experienced local broker remains the most reliable method.
From the seller playbook: AI-Driven Pricing Models
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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