NEW YORK, Oct. 15, 2020 /PRNewswire/ -- StreetEasy®,
NYC's leading real estate
platform, today unveiled new dedicated tools and resources for
NYC homeowners and sellers. This
includes the debut of the StreetEasy Valuation, an AI-powered,
NYC-specialized home valuation
model that provides homeowners with StreetEasy's estimate of their
home's current market value.
With this update, StreetEasy becomes a more robust resource for
NYC homeowners and sellers, whose
needs are distinct from buyers and renters. These new tools allow
them to track their home's estimated value via a private dashboard,
and explore options for selling and connecting with experienced
agents in the StreetEasy Experts network. Some of the new
seller-focused features on StreetEasy include:
- StreetEasy Valuation & Rent Estimate (Beta):
NYC homeowners can claim their
home and request an AI-powered estimate of their home's current
market value, along with an estimated price per square foot and
monthly rent. Estimates are viewable by owners only, and
availability is subject to sufficient data for a given home.
- A Network of Agents with Verified
Experience: Owners interested in speaking with an agent
about listing their property can be connected to an agent in the
StreetEasy Experts program. Prospective sellers are matched with
Experts who have relevant experience selling similar properties in
their building or neighborhood.
- Seller-Focused Content Hub: A new resource with tips and
guides to help homeowners sell with confidence.
Distinct from other valuation models, the StreetEasy Valuation
is designed to understand data and features that are unique to
New York City, such as a
building's age, history, and amenities, along with features of the
surrounding area, such as parks and public transit. These
hyperlocal insights are critical to building an accurate estimate
for homes in New York City, given
the potential differences in age, price, and amenities even for
buildings and units right next door.
The model also takes into account ongoing market trends,
constantly adjusting for a changing sales market in New York City that often looks different from
the rest of the country. The StreetEasy Valuation is not an
appraisal. It should be used as a starting point and supplemented
with other resources, such as a comparative market analysis (CMA)
from a local real estate agent and a professional appraisal of the
home.
"New York City's housing market
is unlike any other, with an incredibly diverse mix of home types
and nuances that only exist here. No two units in New York City are exactly the same," said
Doug Perlson, StreetEasy's vice
president of real estate strategy and operations. "Built using
cutting-edge statistical techniques and backed by StreetEasy's
wealth of data, the StreetEasy Valuation was designed to interpret
a varied and always-changing housing market like New York City's. We're excited to introduce
this to NYC homeowners and provide
a first step in helping them understand the value of such an
incredibly important investment."
StreetEasy Valuations are currently available for hundreds of
thousands of New York City homes
that have been previously listed on StreetEasy, with plans to
expand coverage over time to all homes in New York City and New Jersey for which StreetEasy has sufficient
data. Homeowners can check availability for their home's StreetEasy
Valuation and explore new resources at
https://streeteasy.com/sell-your-home.
Real estate agents interested in joining StreetEasy Experts can
learn more and check eligibility at
https://streeteasy.com/business/agents/experts/.
About StreetEasy
StreetEasy is reimagining the way
people buy, sell, and rent homes across New York City and New Jersey. Used more than any other local
real estate platform, StreetEasy's website and mobile apps provide
vetted and verified listings, plus intuitive search tools and
data-driven guides to help people unlock the opportunity of living
here. Launched in 2006 and based in NoMad, Manhattan, StreetEasy is owned and operated by
Zillow Group (NASDAQ: Z and ZG) and is a registered trademark of
Zillow, Inc.
About the StreetEasy Valuation
Created by a team of
researchers and engineers, the StreetEasy Valuation utilizes an
AI-powered algorithm that incorporates millions of public and
proprietary data points, taking into account individual
characteristics of each home, including the number of bedrooms,
bathrooms, and square footage. It also incorporates building
characteristics such as a building's location, age, amenities,
along with nearby public transit and parks. This information is
then combined with additional public data, including a home's sales
history, recent comparable sales, and current market conditions.
Designed to incorporate data and trends that are unique to
New York City, StreetEasy
Valuations are updated frequently with new information to account
for shifts in the local housing market and changing economic
conditions. StreetEasy Valuations are currently available for
hundreds of thousands of New York
City homes that have been previously listed on StreetEasy,
with plans to expand coverage over time to all homes in
New York City and New Jersey for which StreetEasy has sufficient
data. For more information on the StreetEasy Valuation, visit
https://streeteasy.com/blog/streeteasy-valuation-faq/.
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SOURCE StreetEasy