Plunkonomics Report: Are you living with $240,000 in untapped home value?
Do you know that you could be sitting on hundreds of thousands of dollars in untapped home value? In a first-of-its-kind report called Plunkonomics™, Plunk reveals just how much property value Seattle homeowners have yet to unlock, and which specific communities have the greatest Remodel Upside potential.
Most of us know that fixing up a home increases its value to some degree, but until now, there has been no way for us to predict just how much our homes could be worth before actually taking on the remodeling projects and then selling the home.
Well, Plunk is introducing a new metric, Plunk Remodel Value™, to accurately forecast the value of a home if it were fully renovated—based on that specific home’s details, in that home’s specific neighborhood. A far better tool than just presenting a homeowner with generic national averages.
“Plunk’s next-generation real estate analytics provide unprecedented insights,” according to Plunk Co-founder and CEO Brian Lent. “Our innovations in AI, machine learning, and advanced image analysis deliver more transparency, accuracy, and fairness to buying, owning, improving, and selling a home.”
The analysis for the report was performed on a neighborhood-by-neighborhood basis across 1.1 million homes in the greater Seattle area. Key insights include:
There is over $289 billion in property value to be unlocked through home renovations across the 1.1 million Seattle-area homes analyzed (with an average of $240,000 per home). This represents a combined 36% increase in value for all homes in the Seattle area through remodeling and improvements.
10.4% of the overall remodel upside—over $30 billion in untapped value—is concentrated in just 86,270 homes in 5 sub-markets.
The top remodel upside communities in the greater Seattle area are identified and visualized in a heat map covering King, Pierce, and Snohomish counties.
Even in one of the highest-cost and highest-growth markets, the Plunkonomics report finds that there remains great potential to increase property values through remodeling and updating. The full report is available here as a free download.
Interested in working with Plunk for your next market report? Contact us here or email learn@getplunk.com.
Plunkonomics is for informational and educational purposes only, and in no way is any of the data contained herein to be construed as financial, investment, or legal advice.
