Homebot's data primarily comes from Black Knight, a premier provider of integrated technology, data and analytics. Their Paragon MLS service covers a vast majority of the U.S. and their advanced algorithms calculate the estimated values of homes.
Homebot leverages Black Knight’s data and public record data to estimate home value. Then, each month, Homebot adjusts the home value by a percentage based on appreciation or depreciation in the market.
The values do not account for home renovations or updates. If the homeowner has added additional living space it will not be reflected in the estimated AVM value.
If your client has made home improvements or would like to challenge Homebot's estimated value, they can update their value using the "Tune Your Value" tool. They can also request an expert opinion directly through Homebot, which you can forward along to your favorite real estate agent!
You can always update the value of the home through the CMA process (see "How to Edit the Home Value via CMA Process" for more info).