StreetEasy, a real estate platform for buying, selling, and renting homes across New York City and New Jersey, has launched StreetEasy Valuation, an AI-powered home valuation tool. Homeowners can now get a StreetEasy estimate of their homes’ current market value based on features that are unique to New York City, the company said.
Homeowners start by claiming their home, then requesting an AI-powered estimate of their home’s current market value, 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, StreetEasy said.
Features that StreetEasy analyzes include a building’s age, history, bedrooms, bathrooms, square footage, amenities and features of the surrounding area, such as parks and public transit as well as ongoing market trends.
“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 company said.
The difference between StreetEasy’s Valuation tool and the Zestimate tool of its parent company Zillow is access to a private dashboard and the option to be connected with an experienced agent in the StreetEasy Experts network. With the Experts network, prospective sellers are matched with an expert who has relevant experience selling similar properties in their building or neighborhood, StreetEasy said.
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Zestimate, which is public-facing, launched in 2006 and uses data from county and tax assessor records as well as direct feeds from multiple listing services, brokerages and homeowners themselves. In June 2019, it began using photos to help decide the appeal and worth of a home.
In March, realtor.com launched its own automated valuation model, called MyHome, which appears on for-sale and off-market listings on the site. Realtor.com uses outside sources to make estimates for its listings, including CoreLogic Collateral Analytics and Quantarium.
“New York City’s housing market is unlike any other, with an incredibly diverse mix of home types and nuances that only exist here,” Doug Perlson, StreetEasy’s vice president of real estate strategy and operations said in a statement.
“No two units in New York City are exactly the same,” Perlson said. “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.”
StreetEasy Valuations are available for New York City homes that have been previously listed on StreetEasy. The company said that there are plans to expand its coverage to all homes in New York City and New Jersey.
It was noted that this valuation tool is not an appraisal, but could be used as a starting point and should be supplemented with other resources including a professional appraisal of a home.