When Jane and Robert inherited a family home in a rapidly growing neighbourhood, they were curious about its value. They had heard about the rising property values in the area but needed help figuring out where to start. Like many homeowners today, they turned to online home value estimators to get an idea. That’s when they discovered Ownerly, a service that provided them with detailed insights into their home’s worth. For Jane and Robert, the accurate data from Ownerly gave them peace of mind and helped them make informed decisions about their property.
The Growing Demand for Home Value Estimation Tools
In today’s fast-paced real estate market, knowing the value of your home has become more critical than ever. Whether buying, selling, or keeping track of your investment, having a reliable home valuation tool can be a game changer. According to the National Association of Realtors (NAR), about 53% of homeowners check their property value regularly, especially during market fluctuations.
Home valuation tools like Ownerly have gained popularity due to their user-friendly platforms and the wealth of information they offer. These tools help homeowners estimate the current market value of their homes by analyzing various factors such as location, recent sales in the area, and property features. But what sets Ownerly apart from other platforms, and how reliable are these estimates?
What Is Ownerly?
Owner is an online platform that provides ownerly home value reports and additional services for homeowners, buyers, and real estate investors. Launched to meet the growing demand for accurate, data-driven property valuations, Ownerly offers a comprehensive report on a home’s estimated value, historical data, comparable sales, and neighbourhood trends.
Unlike many free online home valuation tools, Ownerly provides in-depth data using advanced algorithms and publicly available information from county records, recent sales data, and more. This gives users a more detailed and accurate picture of their home’s value compared to basic estimators.
How Does Ownerly Estimate Home Values?
Ownerly uses a combination of automated valuation models (AVMs) and publicly available data to estimate home values. Automated valuation models are computer-based algorithms that analyze property data, including location, size, condition, and the prices of comparable homes. This technology has become a cornerstone in the real estate industry for assessing property values quickly and efficiently.
According to recent studies, AVMs have an accuracy rate of about 80-90% compared to actual sale prices, making them a reliable option for homeowners who want a quick and reasonably accurate valuation. However, no automated tool can guarantee 100% accuracy, as home values are influenced by many factors that AVMs cannot capture, such as interior renovations, curb appeal, or unique property features.
Why Homeowners Use Ownerly
For many homeowners, platforms like Ownerly offer convenience and peace of mind. In a competitive real estate market, understanding the value of your home can help you make better decisions about when to sell, refinance, or invest in improvements.
Here are some of the key reasons why homeowners use Ownerly:
- Refinancing Decisions: When mortgage rates are low, homeowners often consider refinancing their loans to lower their monthly payments. To do so, they need to know their home’s value, which is critical in refinancing approval. With Ownerly, homeowners can quickly check their home’s value to determine whether refinancing is viable.
- Selling a Home: Before listing a property, sellers need to have an accurate idea of what their home is worth. Overpricing or underpricing a home can significantly affect the speed of the sale. Ownerly’s detailed reports help homeowners price their properties competitively based on current market trends.
- Investing in Home Improvements: Homeowners often wonder if particular renovations will increase their property’s value. With Ownerly, they can track how their home’s value changes over time and make informed decisions about where to invest their money for maximum return.
How Accurate is Ownerly?
One key question homeowners have is: How accurate are the home value estimates provided by Ownerly? The platform’s estimates are based on publicly available data and AVM technology, but it’s important to remember that these are estimates—not appraisals.
According to research from Zillow, the accuracy of AVMs can vary depending on the market. AVMs are more accurate in areas with high transaction volumes because there is more data to analyze. For example, in densely populated urban areas, the margin of error for AVMs can be as low as 1-2%, while in rural areas, where sales data is sparse, the error margin can reach 5-7%.
Ownerly emphasizes transparency, noting that their reports should serve as a starting point rather than a final valuation. For a more precise figure, homeowners are encouraged to consult a professional real estate appraiser, especially when buying or selling property.
Statistics on Home Value Accuracy and AVM Usage
According to a 2023 report from CoreLogic, automated valuation models are now used in over 70% of mortgage lending decisions. The growing reliance on AVMs has transformed the real estate industry, allowing faster, more data-driven decisions. This technology has significantly improved over the years, with a reduction in error rates and an increase in the amount of data available.
Additionally, the National Association of Realtors (NAR) reports that 92% of buyers start their home search online, often using tools like Ownerly to understand home values in their desired neighbourhoods. This highlights the importance of having accurate, easy-to-use online tools for property valuation.
Advantages and Disadvantages of Ownerly
Ownerly has several advantages, but it’s also essential to consider some limitations:
Advantages:
- Comprehensive Reports: Unlike free home valuation tools, Ownerly provides a detailed report that includes property history, comparable sales, and neighbourhood data.
- Convenient Access: The platform is easy to use, and homeowners can access reports within minutes, offering immediate insights into their property’s value.
- Multiple Uses: Ownerly serves not only homeowners but also potential buyers and real estate investors looking for market trends and investment opportunities.
Disadvantages:
- Subscription Model: Ownerly operates on a subscription basis, which may not appeal to homeowners looking for a one-time, free report.
- Data Limitations: Like all AVM-based platforms, Ownerly’s estimates can vary depending on the quality and availability of public data. Some markets may need more accurate data due to fewer recent transactions or inconsistencies in public records.
Conclusion
For Jane and Robert, using Ownerly to assess their home’s value was essential in their real estate journey. The platform gave them a detailed, data-driven report that helped them make informed decisions about their property. Whether you’re looking to sell, refinance, or understand the current value of your home, platforms like Ownerly offer valuable insights into today’s real estate market.
While no automated tool can replace the expertise of a professional appraiser, Ownerly’s comprehensive reports and easy-to-use platform make it a go-to option for homeowners. With the growing reliance on AVM technology, understanding how to leverage tools like Ownerly can be valuable in managing and maximizing your property investment.
