Where's the Best Deal on the Block? Realtor.com® Launches Dynamic Map Layers to Help Homebuyers Find It and So Much More

Rhea-AI Summary

Realtor.com® has launched dynamic map layers, a new set of map-based search features that allow homebuyers to visualize hyperlocal insights and broader neighborhood trends. These layers provide real-time visualizations of property data and neighborhood insights, helping users answer questions like 'Is this house the best deal on the street?' and 'Where can I find the newest homes in a neighborhood?'

The new feature offers a unique zoom and pan experience, with color shading representing aggregated data that adjusts dynamically as users zoom in or out. Users can apply different map layers to access unique Realtor.com® econometric data, including market hotness, home estimates, lot size, year built, and more.

According to a recent survey, 71% of real estate website/app users believe more visual or map-based features could help them learn more about properties and compare homes more easily. The dynamic map layers aim to revolutionize how people search for homes online, providing an interactive and easy-to-understand way to make informed decisions.

Positive

• Launch of innovative dynamic map layers feature to enhance home search experience
• Provides real-time visualizations of property data and neighborhood insights
• Offers unique zoom and pan experience with adjustable color shading
• Includes access to exclusive Realtor.com® econometric data
• 71% of real estate website/app users believe more visual features could help in home search

Negative

• None.

Insights

Market Research Analyst

The launch of dynamic map layers by Realtor.com® represents a significant innovation in the online real estate search experience. This feature addresses a important need in the market, as evidenced by the survey showing 71% of users desire more visual or map-based features. The new functionality allows buyers to visualize complex data easily, potentially increasing user engagement and satisfaction on the platform.

From a business perspective, this enhancement could strengthen Realtor.com®'s competitive position against other real estate platforms. By offering unique insights like "market hotness" and detailed property comparisons, they're differentiating their service in a crowded market. This could lead to increased user retention and potentially higher ad revenue or premium subscriptions.

For News Corp (NWSA), which owns Realtor.com®, this development could positively impact their digital real estate services segment. If successful, it may drive more traffic to the site, potentially increasing the value of their digital real estate assets. However, the actual impact on NWSA's stock will depend on user adoption rates and whether this translates into measurable financial gains in the coming quarters.

Tech Expert

The dynamic map layers feature represents a significant technological advancement in real estate search functionality. By leveraging data visualization techniques and real-time data processing, Realtor.com® is pushing the boundaries of what's possible in online property search.

Key technical aspects include:

• Dynamic data aggregation that adjusts based on zoom levels
• Integration of multiple data sources (e.g., property data, market trends, econometric data)
• Real-time visualization of complex datasets
• Interactive user interface allowing seamless exploration

This level of interactivity and data-rich visualization could set a new standard for real estate platforms. It also demonstrates Realtor.com®'s commitment to leveraging technology to enhance user experience. The challenge will be maintaining system performance and data accuracy at scale, especially during peak usage times.

If successful, this feature could drive increased user engagement and potentially lead to more accurate property valuations and market insights, benefiting both buyers and sellers.

Homebuyers can now visualize hyperlocal insights and broader neighborhood trends to find their perfect home

SANTA CLARA, Calif., Sept. 24, 2024 /PRNewswire/ -- Today, Realtor.com^® announced the launch of dynamic map layers, a set of new map-based search features that allow users to answer classic home-buying questions like "Is this house the best deal on the street?" and "Where can I find the newest homes in a neighborhood?" or "Where are houses selling for a lower price per sqft.?" Now, users can explore multiple ZIP codes and neighborhoods with one quick glance and use this information to find the home they want.

Dynamic map layers deliver a unique zoom and pan experience that shows real-time visualizations of property data and neighborhood insights all in one map. When applied, each layer illustrates search parameters through color shading that represents aggregated data including market trends for a specific area. The shading dynamically adjusts to the property level as the user zooms in, and gets broader as they zoom out, adapting to highlight different data at each zoom level. Users can apply different map layers and access unique Realtor.com^® econometric data, like market hotness, to find the best home options based on what they're looking for.

"Do you remember when you bought your first smartphone and how it completely changed how you use a phone? Dynamic map layers are going to change how people search for homes online," said Mausam Bhatt, Chief Product and Technology Officer, Realtor.com^®. "They are an entirely new pathway to home discovery that allows buyers to answer their most pressing questions with a look at a map. They present data in an interactive way that is easy to use, easy to understand, and easy to make the most informed decisions with – so users can confidently choose the place they call home."

Seventy-one percent of real estate website/app users think that more visual or map-based features could help them learn more about properties and compare homes more easily, according to a recent survey conducted by Realtor.com^®. Ninety percent stated they would value being able to search for "home size" and "home value" via a map on a real estate search sites.

Whether it's someone with a limited budget searching for the best buy in a specific area; a buyer who wants to understand the market competition of a home in order to make the best offer; or, a buyer who is comparing multiple neighborhoods so they can decide where to invest, Realtor.com^® users can dive deeper and explore homes with the following layer options:

• Home Estimate - the home's current estimated value, powered by RealEstimate^sm
• Estimate/ sqft. - the home's current estimate total value divided by its total square footage, powered by RealEstimate^sm
• Lot Size - the property's parcel size as measured in acres
• Lot Slope - the property parcel's average lot slope
• Home Size - the size of the home measured in sqft.
• Year Built - the year the home was built
• Market Hotness - an index from 1-100 (very cool to very hot) indicating how quickly homes sell and the level of buyer demand
• Sold Price vs. List Price - the sold price shown as a percentage of the original list price (based on properties sold in the last year)
• Sold Price/ sqft. - the home's most recent sale price divided by its total square footage
• Days on Market - the time it takes properties to sell (based on properties sold in the last year)
• Neighborhood - display neighborhood boundaries and access details on the number of homes on the market, the median number of days homes spend on the market and the median list price within a neighborhood

Dynamic map layers offer unparalleled data visualization with dynamic zoom and pan functionality. By using these layers, users can get an equally holistic and granular view of a home's characteristics and a neighborhood's attributes.

About Realtor.com^®
Realtor.com^® is an open real estate marketplace built for everyone. Realtor.com^® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com^® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com^® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com^®.

Media Contact
Asees Singh press@realtor.com

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SOURCE realtor.com

FAQ

What are the new dynamic map layers introduced by Realtor.com?

Realtor.com has introduced dynamic map layers, which are map-based search features that provide real-time visualizations of property data and neighborhood insights. These layers help homebuyers answer questions about home values, market trends, and neighborhood characteristics through color-coded maps that adjust dynamically as users zoom in or out.

How do Realtor.com's dynamic map layers benefit homebuyers?

The dynamic map layers benefit homebuyers by allowing them to visualize hyperlocal insights and broader neighborhood trends. Users can explore multiple ZIP codes and neighborhoods at a glance, compare homes more easily, and access unique econometric data like market hotness. This helps buyers make more informed decisions when searching for their perfect home.

What types of data can users access through Realtor.com's dynamic map layers?

Users can access various types of data through Realtor.com's dynamic map layers, including home estimates, price per square foot, lot size, lot slope, home size, year built, market hotness, sold price vs. list price, days on market, and neighborhood boundaries. This data is presented through color-coded visualizations that adjust based on the user's zoom level.

How many real estate website users think visual features could help in home search?

According to a recent survey conducted by Realtor.com, 71% of real estate website/app users believe that more visual or map-based features could help them learn more about properties and compare homes more easily. Additionally, 90% stated they would value being able to search for 'home size' and 'home value' via a map on real estate search sites.