Seattle-based real estate startup CityBldr has released a new tool to help property owners get the most value out of their homes and other properties when selling.
According to GeekWire, the tool allows users to analyze whether their property “would be worth more as a redevelopment site, versus just looking at the value of the home.” To figure that out, the tool uses artificial intelligence and machine learning, pulling data from more than 20 sources.
CityBldr’s ultimate goal is to connect property owners with developers and builders. Last year, after analyzing every parcel of land in King County for development possibilities, the company found that underutilized properties are costing the Seattle area $35.9 billion.
“Most people benchmark the value of their homes by going to traditional home value websites. The problem is that those sites have a blind spot in their valuation methods: they don’t value all potential uses of the property,” CityBldr CEO Bryan Copley said in a statement.
“By evaluating all factors related to best and highest use of properties, we’ve engineered a more holistic valuation method. In many cases this new value will result in a substantially higher sale price for the property owner.”
A study conducted recently by Realtor.com shows that Seattle was the city with the fewest homes for sale in the US in 2016. Only 0.4 percent of its housing stock was for sale last year, meaning that only one in every 263 homes in the city was for sale. Overall, the number of homes for sale in Seattle fell 13.4 percent from 2015 to 2016.
It is certainly a homeowner’s market in Seattle, and CityBldr is there to help property owners make the most of it.