Seattle Area Homes Have over $298B in Potential Remodeling Value, According to New Report | Business

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BELLEVUE, Wash. – (BUSINESS WIRE) – Nov. August 2021–

Plunk, the company that provides advanced analytics for residential real estate, today released its first Plunkonomics report at the National Association of REALTORS® annual iOi summit in Dallas. First of its kind, the report highlights ways to add value to a home through renovation and introduces a new metric, Plunk Value ™, which represents the projected value of a home when fully renovated. The analysis was conducted by neighborhood for 1.1 million households in the greater Seattle area.

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From the new Plunkonomics report (Graphic: Business Wire)

“Plunk’s next generation real estate research offers unparalleled insights,” said Brian Lent, Co-Founder and CEO of Plunk. “Our innovations in AI, machine learning, and advanced image analysis provide greater transparency, accuracy, and fairness when buying, owning, improving, and selling a home.”

The most important findings include:

  • There is over $ 289 billion worth of real estate to be unlocked through home renovations in the 1.1 million homes analyzed in the Seattle area. This corresponds to a combined increase in value of 36% for all homes in the Seattle area through remodeling and improvements.
  • 10.4% of the total redevelopment potential – over 30 billion US dollars in unused value – is concentrated in just 86,270 apartments in 5 sub-markets.
  • The top redevelopment communities in the greater Seattle area are identified and visualized in a heat map that covers Counties King, Pierce and Snohomish.

Even in one of the most expensive and fastest growing markets, the Plunkonomics report finds that there is still great potential to add real estate value through remodeling and updating.

“We are striving to provide a better understanding of market dynamics, real-time trends, and longer-term forecasting,” added Vince O’Neill, Plunk’s chief economist. “Insights like these can help us make housing more equitable and accessible, identify and resource underserved markets, and develop effective environmental, social and governance initiatives to better meet our future housing needs.”

To view the full report, click here.

About plunk

Plunk is a Seattle-based, advanced technology and data science company that uses the power of artificial intelligence, machine learning, and advanced image analysis to bring new tools and market insights to the residential real estate industry. From helping homeowners make smarter decisions about increasing home value, to enabling REALTORS® to become trusted financial advisors, Plunk is quickly becoming the first stop for financial insights into the entire home journey. Plunk also offers a new home renovation loan that makes financing large remodeling projects easier, faster, and smarter. Further information can be found at https://www.getplunk.com/.

About Plunkonomics

Plunkonomics is the research and publishing arm of Plunk that provides insights into the residential real estate market through AI, machine learning and image analysis. Plunk’s Home Genomix Cloud ™ is the foundation of all Plunk proprietary analytics, bringing together public, private, and user-provided data to support the Genomix AI-based Modeling System ™.

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CONTACT: FLIGHT PR

Alysha light

alysha@flightpr.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS WASHINGTON

SECTOR KEYWORD: COMMERCIAL CONSTRUCTION & REAL ESTATE TECHNOLOGY CONSTRUCTION & REAL ESTATE FINANCING OTHER TECHNOLOGY PROFESSIONAL SERVICES SOFTWARE INTERNET DATA MANAGEMENT RESIDENTIAL CONSTRUCTION & REAL ESTATE

SOURCE: Plunk

Copyright Business Wire 2021.

PUB: 8/17/2021 11:11 AM / DISC: 8/17/2021 11:11 AM

http://www.businesswire.com/news/home/20210817005098/en

Copyright Business Wire 2021.