MetroList and StreetWire's Game-Changing Home Value Lock
MetroList Partners with StreetWire to Launch Home Value Lock
MetroList, Northern California’s largest multiple listing service, has joined forces with StreetWire, a developer of real estate data products, to introduce an innovative insurance offering called Home Value Lock.
This unique product is designed to protect homebuyers by securing up to 10% of their property’s market value during the first three years of homeownership. This is particularly beneficial for those who may need to relocate sooner than planned, as it safeguards their investment against any potential drops in market value. Fully licensed and regulated in California, Home Value Lock stands out as a pioneering product in the marketplace, currently available to primary residences of single-family homes in the Sacramento area.
Understanding the Need for Innovation in Real Estate
“Home Value Lock is a critical advancement in the realm of real estate, particularly following the recent wave of funding and regulatory changes that have emerged from evolving litigation in our sector,” expressed MetroList CEO Dave Howe. He emphasized the value of MLS data, suggesting it has often been underutilized in financial services. He believes that this new collaboration will showcase the significant advantages that MLS data can bring to homebuyers.
Collaborative Efforts Address Licensing Constraints
Howe remarked that the cooperation between MetroList and StreetWire addresses a wider licensing challenge that MLS providers face. Typically, real estate agents and financial services utilize the same data but extract varying values from it, which raises questions about how licensing costs should effectively reflect this disparity. “Our hope is that differentiating pricing will enable MLSs to maintain their fundamental role in serving their members while also broadening their revenue sources,” Howe added.
The Vision of StreetWire and Its Expansion Plans
StreetWire, led by CEO Oliver Tickner, is also looking to broaden its outreach. The company is already eyeing partnerships with more MLS providers as it expands its services nationally. Tickner pointed out that StreetWire possesses a unique insight into the value and potential of MLS data to discern housing market patterns more effectively. “We aim to redefine the valuation of these datasets for the financial sector,” he stated.
Leveraging Data for Enhanced Risk Assessment
Matthew Maxwell, Chief Underwriting Officer at OMT Insurance Services, lauded the formation of Home Value Lock. He expressed that the partnership between StreetWire and MetroList effectively utilizes the accuracy and timeliness of MLS real estate transaction data. “Using this data allows us to tackle various challenges in the sector and provide more nuanced risk assessments for our clients,” Maxwell mentioned. He underscored the importance of investing in data services for better understanding and pricing of risks, which leads to the development of new products.
MetroList Services, Inc. Overview
MetroList Services Inc. serves as the official Multiple Listing Service (MLS) provider for over 22,500 real estate professionals across several counties. With over 35 years of experience, MetroList holds the title of the largest MLS in Northern California, covering a vast geographical area of over 10,000 square miles. The service operates ten regional offices equipped with a comprehensive range of resources and tools that support real estate professionals in enhancing their performance.
Exploring StreetWire's Comprehensive Services
StreetWire stands as a culmination of several years of dedicated research into real estate technology and markets. Today, the company’s network plays a pivotal role in risk management and analysis for a multitude of real estate financial service products, fundamentally altering how these industries operate. Based in New York City, StreetWire continues to shape the future of real estate transactions by gathering and leveraging extensive data.
Frequently Asked Questions
What is Home Value Lock?
Home Value Lock is an insurance product that protects homebuyers by insuring up to 10% of their home's market value for the first three years after purchase.
Who are the companies involved in this new partnership?
MetroList Services Inc. and StreetWire have partnered to bring forth the Home Value Lock product.
Where is Home Value Lock available?
The product is currently available for primary residences of single-family homes in the Sacramento area.
Why is this product considered innovative?
Home Value Lock is the first of its kind, offering protection against market drops, thereby providing financial security for homebuyers.
How long has MetroList been in operation?
MetroList has been serving the real estate community for over 35 years, providing vital support and resources to its members.
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