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Jul
21
2021

Real Estate and Property Value Tracking

By | Uncategorized | Comments Off on Real Estate and Property Value Tracking


Property Tracking

Track the value
of your home and real estate.

Now you can track your home and property assets right alongside the rest of your money with SoFi.


Connect a property

Owning a home is kind of a big deal.

That’s why we make it easier for you to stay on top of your real estate investments—all in one place

Keep an eye on the value.

See changes in your home’s equity over time.

Stay renovation-ready.

Get personalized renovation cost estimates and financing options.

Protect what matters.

Find the insurance protection that’s right for you.

See if you can save.

Track rates and get tailored refinancing options.

Know your worth

(and your home’s too)

Tracking your real estate is crucial when it comes to understanding your financial health and overall net worth. It also gives you added visibility into the way that financial institutions could value your home and property assets.

*For a limited time, get 250 SoFi points for the first property you connect to SoFi.


Connect a property

FAQs


Why does Kukun’s home value estimator differ from other estimates I see online?
Property values can differ on different sites, as there is not a single right answer. Estimations are used in various ways, such as for purposes of getting a loan or to sell. Each individual Home Valuation Model takes into account specific assumptions about the condition of the home, statistics from other sales in the area, etc. that will make the end estimates differ. In reality, there is no single “true” home value but rather a range a home is worth at any given time based on the features and condition of the home and market conditions. As a result, home value estimates based on home valuation models may provide different estimates at different points within this range depending upon how quickly each individual model incorporates new information (home sales). Last, we have no vested interest in telling you whether your home is worth more or less than it actually is, which is not the case with many online providers for home value estimates. SoFi is committed to providing you with the most unbiased perspective possible and is specifically aiming to replicate how your home will be viewed from a lender’s perspective.

Keep in mind these values are only estimates of your home’s current market value and should be used as a starting point. Always hire a professional appraiser or licensed real estate agent to get the most accurate market analysis for your home before buying or selling.




When are values updated?

The estimates are updated in SoFi Relay each month from the day you added your property. Newly purchased homes or homes in less populous areas may take time for estimations to become available.



How accurate is the estimated home value that’s shown?

Our vendor Kukun’s home value is estimated to be 85–95% accurate. The accuracy depends on availability of data, including square footage, lot size, bed/bath count, and more, plus market transactions, and details on any updates or changes to the property that are registered with local appraisers. The data used for estimation is refreshed on a regular cadence to ensure it keeps up with any changes in the market, such as new sales and listings.

Keep in mind these values are only estimates of your home’s current market value and should be used as a starting point. Always hire a professional appraiser or licensed real estate agent to get the most accurate market analysis for your home before buying or selling.




How does a cash-out refinance work?

When you refinance your mortgage, you can use the equity you’ve built in your home to borrow more than you currently owe and keep the difference as cash.

You might use the money to invest in home improvements, consolidate high-interest debts, or pay for other pressing needs.



Why are property estimates different?

Property values can differ on different sites, as there is not a single right answer. Estimations are used in various ways, such as for purposes of getting a loan or to sell, these numbers can vary widely.



Where does my estimated home value come from?

We get your home value from a property valuation company via our partner Kukun. The data comes from a 20-year veteran in the property valuation market and delivers advanced real estate valuation and data solutions to 47 of the top 50 lenders, who use this data for different purposes in the mortgage-lending process.



What is home equity?

Home equity is the difference between your home value and what you owe on your mortgage. It can change as you pay off your mortgage or when the market value of your home increases or decreases.



How did you calculate my mortgage balance from previous months?

We already know your loan term, the date when you got your loan, and your monthly payment. If you shared your interest rate, we’re able to use those three numbers to figure out your remaining balance for previous months. This estimate assumes that you have not refinanced, made any loan modifications, or changes to your monthly payment. For more info about your mortgage balance, review your mortgage statements and credit report, or contact your mortgage servicer.


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