MetroList Teams Up with StreetWire to Introduce Home Value Lock
MetroList, the largest multiple listing service in Northern California, has partnered with StreetWire, a company that develops real estate data products, to launch an exciting new insurance option called Home Value Lock.
This innovative product is crafted to protect homeowners by securing up to 10% of their property’s market value during the first three years of ownership. This insurance is especially handy for those who may need to move sooner than anticipated, as it helps shield their investment from possible declines in market value. Fully licensed and regulated in California, Home Value Lock represents a groundbreaking product currently available for primary residences of single-family homes located in the Sacramento area.
Recognizing the Need for Change in Real Estate
“Home Value Lock marks a significant breakthrough in real estate, especially after the recent influx of funding and regulatory changes driven by ongoing litigation in our field,” stated MetroList CEO Dave Howe. He highlighted the importance of MLS data, which he believes has often been underappreciated in the financial services arena. Howe is confident that this collaboration will demonstrate the considerable benefits that MLS data can provide to homebuyers.
Working Together to Tackle Licensing Challenges
Howe noted that the collaboration between MetroList and StreetWire addresses broader licensing issues faced by MLS providers. Generally, real estate agents and financial services utilize the same data but derive different values from it, raising concerns about how licensing fees should accurately reflect this difference. “We hope that adjusted pricing will allow MLSs to sustain their primary role of serving their members while also expanding their revenue avenues,” Howe remarked.
StreetWire's Vision and Plans for Growth
Under the leadership of CEO Oliver Tickner, StreetWire aims to broaden its scope even further. The company is actively seeking partnerships with additional MLS providers as it expands its services across the nation. Tickner noted that StreetWire has unique insights into the value and potential of MLS data, allowing for better identification of housing market trends. “Our goal is to redefine how these datasets are valued, especially for the financial sector,” he explained.
Utilizing Data for Better Risk Assessment
Matthew Maxwell, the Chief Underwriting Officer at OMT Insurance Services, praised the introduction of Home Value Lock. He shared that the partnership between StreetWire and MetroList effectively harnesses the precision and promptness of MLS real estate transaction data. “This data enables us to address various challenges in the industry and produce more refined risk assessments for our clients,” Maxwell stated. He emphasized how investing in data services enhances the understanding and pricing of risks, paving the way for new product development.
Overview of MetroList Services, Inc.
MetroList Services Inc. is the designated Multiple Listing Service (MLS) provider for over 22,500 real estate professionals across multiple counties. With more than 35 years of experience, MetroList is proud to be the largest MLS in Northern California, covering an extensive area of over 10,000 square miles. The service operates ten regional offices filled with a wide range of resources and tools aimed at helping real estate professionals boost their performance.
Discovering StreetWire's Comprehensive Offerings
StreetWire is the result of several years of dedicated research focused on real estate technology and markets. Currently, the company's network plays a crucial role in risk management and analysis for numerous real estate financial service products, fundamentally transforming these industries. Based in New York City, StreetWire continues to shape the future of real estate transactions through the collection and utilization of 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 teamed up to introduce 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 downturns, thus providing financial security for homebuyers.
How long has MetroList been in operation?
MetroList has been serving the real estate community for over 35 years, offering essential support and resources to its members.
