Here’s how HomeBot can benefit you as a homeowner.

One question my team and I get asked all the time is, “How’s the market?” Most of the time when people ask that question, they don’t really care what the entire market looks like—they’re just asking what their home looks like inside the market. Even then, they’re most likely inquiring about their home’s value and how much equity they’d have if they sold the home or refinanced.

Since we get asked this question frequently, we wanted to provide a free resource for our clients that answers this question monthly. This resource is a tool called HomeBot. With it, you can check out your home, where it fits in the market, how much equity you might have, and what you can do with that equity.

“In addition to your home’s value, this report includes what’s happening in your ZIP code.”

Starting at 1:15 in the video, you can follow along to see what kind of monthly report HomeBot provides. When you log in, the first thing you see is your home’s estimated value, which is calculated by an algorithm that sources public records. You’ll also be able to see a historical timeline of your home’s value. In addition to your home’s value, this report includes what’s happening in your ZIP code.

Another cool feature is that it can identify any mortgages you have on your property. It calculates how much equity you have by subtracting the mortgage amount from your home's value. This is especially helpful if you’re thinking of selling or refinancing your home.

If you are looking to refinance, the report shows you what different terms might look like in your situation. If you decide you want to pay a little extra each month on your mortgage, it will tell you what you’ll save in interest for the life of your loan. It can even show you how much you could potentially earn if you decided to rent your home out as an Airbnb.

Keep in mind, if you own multiple properties, HomeBot can keep an eye on those as well. If you think you can benefit from using HomeBot, click on this link to sign up for it. If you have any questions or would like help signing up, don’t hesitate to reach out to me. I’d be happy to help you.