Curious about the current market value of your property?
Want to see what AI automated valuation models think your property is worth?
Thinking about refinancing your property to use some of the equity for a project?
Renewing your mortgage and need an equity update?
Assessing your overall financial position in preparation for a major life event?
Looking to challenge an appraisal you feel is too high, or too low?
Thinking about selling your home and planning your next move?
Thinking about your next investment property acquisition?
Ask a simple question, get a simple answer, right?
Yes and no.
It is important to remember that buyers and sellers active in the market are the drivers of market value.
What drives market value?
Homes that have sold recently indicate value for re-sale homes better than other measures because they represent what buyers and sellers have actually negotiated in current market conditions. Aside from material differences between your property and comparable properties, not all sellers have equally effective marketing or offer management strategies. Some homes may be over-priced or under-priced, poorly presented, or inadequately exposed to the market.
The sale process is complex and some sale prices may reflect a buyer or seller who had extra motivation or duress. When reviewing actual sale prices, we don’t know what was included or excluded in negotiations, or whether inspection or other issues were taken into consideration in the final price.
Property pricing is part art and part science, and sale prices are subject to unpredictable changes in momentum of the market.
On this page we offer you three levels of market evaluation to help you understand the probable market value of your property: a FREE automated evaluation matrix (our cost is approximately $40) as our introductory gift to you, an expert online evaluation ($375), and a full market analysis ($725). Please read on for details.
Your property could be worth more or less than others like it in the same neighbourhood or condo building. Many factors impact its value - some you can control and others you cannot. Consider your objectives and select the level of home valuation that delivers what you need right now.
Click the title below to learn more.
Three Levels of Home Valuation
Why Pay For A Home Evaluation?
Hi, I'm Bruce - founder of OttawaAgent.ca and a real estate broker with over 20 years of experience helping people buy and sell properties in Ottawa and Eastern Ontario. As I do on my blog, Critical Thinking, and in my monthly newsletter, Ottawa Real Estate Monthly, I'm going to give you the straight scoop about real estate agents. Let's face it, every real estate agent has the same marketing campaigns to attract new clients:
- offering a "Free Home Evaluation" or saying "I have a buyer looking for a house like yours" to attract seller clients
- using their seller clients' properties to attract buyer clients, through Open Houses, Coming Soon, Exclusive Listings, DDF or MLS listing feeds on their website.
Don't be fooled - the one and only objective of these campaigns is to find new clients for the agent, not to help you sell your property successfully. A "Coming Soon" sign or Exclusive Listing is not going to build anticipation and increase the number of buyers interested in your house. How many potential buyers are going to see your listing before it hits MLS? Once it does, millions of people including every qualified, motivated buyer will find out about it. You get the best results when you attract the maximum number of potential buyers.
The same disingenuous undercurrent drives the Free Market Evaluation. Any real estate agent is happy to give you an idea of what your house is worth, and all the more so if you're thinking of selling. They deliver the minimum requirement to satisfy the Free Market Evaluation promise if you're not going to list with them. In many cases, even if you are going to list with them you never receive a fully researched, professionally narrated market analysis. In some cases, you'll get "I know every house in this neighbourhood and yours is worth X". Or you might get a big batch of paper (yes, they still use paper, glossy, and tons of it, ugh!) in a fancy folder with a printout of every house in the neighbourhood that recently sold. They might even highlight a few things on those listings.
But try taking that Free Market Evaluation to the bank. Or to the lawyer if you're working on a divorce settlement or estate planning. In the vast majority of cases, it won't be worth the paper it's printed on. It's enough to engage you in a conversation about selling your house and the agent hopes to get your listing, and that's it.
But hey, it's free! Well, you get what you pay for.
My marketing plan for sellers always includes a comprehensive market analysis. It's a critical step in the process. It doesn't mean I'm able to perfectly predict the exact amount your home will sell for. It provides a solid understanding of the market value range of your property and an educated calculation of where in that range your house likely sits. It also provides a roadmap to a successful sale regardless of market conditions. It is a resource to consult when the market shifts or buyers raise objections. It helps craft adjustments to tactics when curve balls come our way.
An OttawaAgent.ca market analysis is not to be misconstrued as an appraisal. Only certified appraisers can author a bona fide appraisal. But many of our clients have submitted our market analysis to their lender or lawyer to successfully challenge an appraisal.
If we're working together to market your property, a Full Market Analysis that includes an Expert Home Valuation is one of our deliverables to you, included in the marketing service fee (commission). It's an integral component of the marketing plan. Agents who don't provide this level of detail are doing you a disservice.
But what if you're not planning to sell? Do you have to play a game with your local postcard-popping agent, asking for one of their Free Market Evaluations, perhaps pretending you're thinking about selling?
This is why, if you're not selling, but you need a concrete idea of your home's market value, it makes sense to pay for what you need, without pretense on either side. Our reports are highly detailed and include additional sources that we pay for. It typically takes 5 to 10 hours to complete a full market analysis, including a visit to your property.
Land Registry AI Home Valuation
Our ($40 Value) Introductory Gift To You
Don't be shy! No matter why you're here to find out the current market value of your home, you may as well ask us to purchase a Teranet Automated Valuation for you. Teranet software will draw on land registry data for homes that are similar to yours, looking in obvious places in close proximity to your property but also by comparing key property characteristics and sales trends of homes in neighbourhoods that buyers might consider interchangeable. It provides a probable market value range and a real-time market valuation based on current market dynamics. In many cases I've found the results to be surprisingly accurate - or rather, similar to the results I derive from a thorough analysis of MLS data for sales of comparable homes. In other cases, not so much.
Fill out the form to send us a quick email with your name as registered on title of the property whose value you would like to investigate, the property address, and your email address. In most cases we are able to purchase your Teranet automated valuation report and send it to you within a day or two.
We will follow-up with you to ask what you think of the automated valuation - it will be interesting to see how smart you think the software is - do you think your home is worth more, or less?
If you're simply taking stock of your home value or are just curious, the land registry AI valuation may be all you need at this time. If you're making decisions about your property that hinge on a reliable valuation that other parties will be scrutinizing, you'll want to consider an expert valuation or full market analysis.
When we send you your automated valuation report, reply and ask us to perform an expert home valuation. We'll ask you a few questions about your property that will help us distinguish it (positively or negatively!) from similar properties that have recently sold. We will pull MLS and land registry records and send you a detailed analysis and updated market value estimate.