Story by Kenon Chen
Zillow is making moves with digital floor plans, launching a new feature that consumers are sure to love. The problem? Tackling how to manage data from a variety of sources to make sure the valuations they are creating are accurate.
The good news for American homeowners is that they have accrued more equity today than ever before. In fact, 39.5 percent of mortgaged residential properties nationwide were regarded as “equity-rich” in the third quarter of 2021, per data from Attom Data Solutions.
In other words, the combined estimated amount of loan balances secured by those properties did not exceed 50 percent of their estimated market value.
The not-so-good news? Plenty of these homeowners don’t know the accurate value of their properties, rely on imprecise property valuation methods, or lack confidence in their home’s true worth. And that can put homeowners at a significant disadvantage, preventing them from fully unlocking their equity and making well-informed financial decisions.