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/.
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/.