Seattle Area Homes Have over $298B in Potential Remodeling Value, According to New Report
Plunkonomics, from advanced technology and data science startup, Plunk, reveals which Seattle communities have the greatest remodel upside potential
BELLEVUE, Wash.–(BUSINESS WIRE)–Plunk, the company bringing advanced analytics to residential real estate, today released its inaugural Plunkonomics Report at the National Association of REALTORS® annual iOi Summit in Dallas. A first of its kind, the report reveals opportunities to increase a home’s value through renovation and introduces a new metric, Plunk Value™, which is the forecasted value of a home if it were fully renovated. The analysis was performed on a neighborhood-by-neighborhood basis across 1.1 million homes in the greater Seattle area.
“Plunk’s next-generation real estate analytics provide unprecedented insights,” said 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.”
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. 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.
“We endeavor to deliver better understanding of market dynamics, real-time trends, and longer-term forecasts,” added Plunk’s Chief Economist, Vince O’Neill. “Insights like these can help us make housing fair and more 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.
Plunk is a Seattle-based, advanced technology and data science company bringing new tools and market knowledge to the Residential Real Estate industry with the power of artificial intelligence, machine learning and advanced image analysis. From helping homeowners make smarter decisions about increasing home values to enabling REALTORS® to become trusted financial advisors—Plunk is quickly becoming the go-to source for financial insight into the entire homeownership journey. Plunk also offers a new home renovation loan, which makes financing major remodeling projects simpler, faster and smarter. For more information, visit https://www.getplunk.com/.
Plunkonomics is Plunk’s research and publishing arm—delivering AI, machine learning and image analysis driven insights into the residential real estate market. Plunk’s Home Genomix Cloud™ is the foundation of all of Plunk’s proprietary analytics, bringing together public, private, and user-provided data to fuel the Genomix AI-based Modeling System™.