What is an Ownerly Home Value? Everything You Must Know
If you’re thinking about buying or selling a home, you more than likely want to know how much that home is worth.
Those that are buying a home want to make sure that they aren’t paying for an overpriced home, and want to be able to negotiate the price to the fair market value of the home. That requires knowing what the fair market value is.
Homeowners that want to sell their home want to make sure that they sell it for the highest price they can, and no one wants to make upgrades that aren’t going to have a nice ROI.
That is where websites like Ownerly come in!
What is Ownerly?
Ownerly was established in New York City in 2018 by The Lifetime Value Company. The Lifetime Value Company is a tech company that focuses on analytics and public data.
Ownerly is designed to help homeowners determine what their home is worth. While people interested in buying a home can also use the site, it’s primarily targeted toward homeowners. According to Ownerly, their website will unlock professional-grade real estate information. They make it sound as though you’re getting top-notch information that you simply can’t find through public records or when working with a real estate agent.
According to the site, they help you search for homes and learn more about them. While the website tends to target homeowners, it can reveal a lot of information about a property, and potential upgrades, that can also benefit those interested in purchasing a home. Some of the information you can get from Ownerly includes:
- Mortgage and refinancing rates
- Local sales information
- Home improvement costs
- Information on any property, such as how much your neighbor sold their home for
Members can browse through the vast blog on Ownerly to learn more about everything to do with selling a home, buying a home, ownership, mortgages, and loans.
How Does Ownerly Work?
Ownerly works the same for both buyers and sellers. Although the website was originally designed to be a resource for homeowners, there are quite a few benefits that buyers can get from the site, too. After signing up for the site, customers have access to all of the information that they need regarding homes, and how much a home is worth.
Ownerly For Sellers
Ownerly is packed with information that sellers will find useful. The valuation tool can be used to make sure that homeowners are getting top dollar for their homes. It gives data on what’s happening in the housing market regarding price changes, including mortgage rates. Some of the benefits that sellers will receive when using Ownerly are:
- It can help you confirm whether an agent has listed your home at a fair price after they do a comparative data analysis
- Let you know nearby rental costs to ensure that you’re getting your money’s worth
- Shows you nearby sales prices, taxes, average lot size, and even how old nearby homes are
- Utilizing all of the data on Ownerly, such as the cost of home improvements and prices of homes, can help you determine whether home improvements are worth it.
However, there are a few downsides to Ownerly for sellers too. These include:
- Provides a good estimate regarding the home value. This price is not as accurate as a professional appraisal or a comparative data analysis.
Ownerly For Buyers
There are quite a few ways that buyers can utilize the services available on Ownerly too. One of the main advantages that people interested in buying a home will enjoy is that they can see the value of nearby homes to make sure that they are getting a fair price. The housing market tends to be hot in some areas and cold in others, making this a great way to determine whether a house is worth buying. Other advantages buyers will enjoy include:
- Determining whether homeowners are expecting a fair price for upgrades
- Zooming in to see nearby businesses can help buyers determine things like the availability of childcare services, gym options, and more
- Seeing mortgage rates for the area
Keep in mind that negotiating requires experience. Before diving into negotiating with a homeowner, consider working with a professional real estate agent. Learn what to look for in a real estate agent to find one that will help you get the best price for a home.
Areas Ownerly Serves
Ownerly currently only serves the United States.
How Much Does Ownerly Cost
Ownerly is not free. For a trial, it costs $1. When using the trial, potential members are able to view 25 reports, but these reports are only viewable online. For a $5 trial, potential members can enjoy access to 25 reports that they can view online and download. If the membership is not canceled, it turns into full membership.
Membership is $35 per month.
Ownerly is a legitimate company, but it’s difficult to find a lot of reviews for the site because it is still a newer platform. The reviews that are available do not do the company any favors.
Many Reviews State The Company Is A Scam
On Trustpilot, the company has a mere 1.5 stars, with most of the reviews being negative. The company is accused of scamming people, having poor customer service, and more.
One reviewer states that they had no idea they had to pay for the service, which could be legit. On the website, it’s not mentioned that they are going to charge you for the service. His review states:
“Saw a tv ad and says nothing about a paid service! They make you put in your address and then email and it seems like it’s free, then at the very end, they hit you with a fee! A fee! I can get on Redfin and put in an address and it instantly tells you a home value! No email address or anything, so why should I pay? The old bait and switch!”
He’s not the only one on TrustPilot that felt this way. Other reviews say similar things. For example:
“this is a total scam. they say that it costs $1 for the trial, but i was immediately charged $24.. and they did not even give any info i requested…”
“I paid for $1.00 plan and got charged 24.00. The information for the property I was interested in was totally incorrect. I sent an e-mail to tell them and was told they can’t alter any information. If you want information go through your local government. I should have known.”
“Waste of time! Spent 5 minutes putting in info and waiting for the results all to be sent to a screen requesting I pay for it. Stay away from this site. There are too many other sites out there that are free.”
Being scammed out of money or the company trying to intentionally deceive people are not the only complaints. Many people that did receive the information they requested have stated that they received incorrect information. One person stated that there is a 40% margin of error for the value of a home, which is a large margin of error. Other people stated that the homeowner information, sales prices, etc. for their homes were incorrect. For example, check out these reviews:
“I took a $7-day trial. I never used it after the first day because the information was inaccurate and most of it can be found on public records.”
“Don’t trust them! I signed up for a 7-day “free” trial. Ran 1 report that got a partial result where the information was incorrect and the rest of the report went into a loop and was never completed. I canceled on the 4th day. In the meantime, they charged my Visa $5 for the supposedly free trial. Now they have refused to refund the amount because the account is canceled. What a racket!!”
“The data is wrong. Got last name and taxes paid wrong. Claimed people who don’t live in the house live in the house. They give false information”
The only information available on the company seems to be either negative or another blog that tells potential members about the information offered on Ownerly.
It can be hard to trust a website with so many people reporting that they were scammed out of their hard-earned money or that they received false information. In addition to that, the estimates given are not always accurate. However, there are quite a few alternatives people have to Ownerly.
Free Online Estimates
Ownerly uses the same algorithm-styled system that other free sites do. Zillow offers free estimates.
Other sites known as iBuyers, such as OpenDoor and OfferPad, will also provide an estimate for homes. To receive a free offer from an iBuyer, simply input your information. The company will contact you with an offer to purchase your home. Then, simply decline the offer.
However, it’s important to note that these algorithms are only based on the current real estate market. They do not take home improvements into account. Homeowners that have spent a significant amount of time and money investing in home improvements that offer a large return on investment may want to consider other alternatives.
A Professional Appraisal
A professional appraisal will deliver the most accurate estimate of a home. Professional appraisers will take into account the real estate market, upgrades to the home, and property value.
Appraisals can cost a few hundred dollars. These will change as the value of a house, and the real estate market changes, though. Because of that, it’s best for homeowners to wait until they are ready to sell a house before paying for a professional appraisal.
Professional appraisals can also benefit those in the market to purchase a home. Hiring a professional appraiser can help buyers determine whether they are paying a fair price for a house before signing a contract.
Working With Real Estate Agents
Real estate agents can help both buyers and sellers. They provide the same estimates regarding the value of a home that other options do. However, they also take into account the current market, upgrades to the home, and things like local amenities. Real estate professionals perform a market analysis as a part of their job, and often do not charge extra for it.
Real estate professionals can work with homeowners to sell their homes on the market. Agents know the home improvements that offer the highest return on investment. They often act as the mediator between buyers and sellers so that homeowners do not have to negotiate or take pictures of the home. Instead, they can focus on moving while a real estate agent handles the tasks of selling the home.
Plenty of buyers work with real estate agents as well. Real estate agents will also negotiate on behalf of the buyer to help them get the lowest price that they can. A real estate agent will also be knowledgeable about the real estate market.
Real Estate Investors
Working with a real estate investor is a great way to buy or sell a home. Real estate investors are often interested in purchasing properties that they can turn into a money-making venture, such as properties they can sell or rent. Often real estate investors have a portfolio of homes for sale as well.
Real estate investors work in real estate, so they are full of knowledge about the real estate market, how much home improvements increase the value of a home, and even whether a home will be able to sell fast.
For more information on buying or selling a home, check out the rest of our blogs, like this one about how much it costs to remodel a bathroom!