Realtor.com has released My Home, a new feature on the desktop and mobile site that allows homeowners to manage their home as an investment.
My Home provides homeowners with the tools and information needed to have a view of their home’s value, equity, financing options, neighbourhood activity and trends, as well as home improvement projects that add value to their property.
The feature expands realtor.com beyond search to become a resource homeowners can use throughout their ownership journey. American site realtor.com is operated by News Corp subsidiary Move, Inc.
“At realtor.com, we help people with one of the most basic and most important needs – their homes – which is often the biggest investment most people will ever make,” said Ryan O’Hara, chief executive officer of Move.
Mr O’Hara said that despite being a major investment the time spent managing the asset is limited.
“Now with personalised data at their fingertips, homeowners have more insight into their investment and are better equipped to make decisions such as when to sell or when to invest in upgrading their home to their dream home,” he said.
My Home is also introducing an enhanced home value estimate for homeowners that utilises lender-grade valuation models to provide a better estimate of what a home is worth today and in the future.
When an owner first enters My Home the dashboard provides an estimate of mortgage payments and equity, assuming a 20 per cent down at the time of purchase. An owner can then update My Home with their current mortgage information to track payments and outstanding principal. It also shows financial savings options based on current mortgage rates and equity options.
Move, Inc says My Home taps into a growing generational trend of people staying in their homes longer. In 1985 about 10 per cent of all homeowners were recent movers, but by 2015 that figure had dropped to five per cent. As people stay in their homes longer, they have more equity in their property – making it even more imperative to manage their home as an investment.
For those looking to embark on a renovation, My Home leverages Remodelista, Move’s design inspiration website, a one-stop sourcebook for curated remodelling guides, daily designs and ideas for every room in the home.
Move Inc says My Home is not a replacement for the value gained from speaking to a local real estate professional about the value of a home. It is a helpful feature for homeowners who want to manage their home as an asset and track the estimated value of their property.