What Is Your Home Worth?
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. Homes that have sold recently indicate value for re-sale homes better than other measures because they represent what buyers and sellers have negotiated. Aside from material differences between your property and comparable properties that have recently sold, not all sellers have equally effective marketing strategies. Some homes may be over-priced or under-priced, poorly presented, or inadequately exposed to the market.
The sale process is complex and properties that have sold may have achieved prices that reflect either 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 actual sale prices (market value) are subject to unpredictable changes in momentum of the market.
On this page I'm offering you three levels of market evaluation to help you understand the probable market value of your property: a FREE automated evaluation matrix (my cost is approximately $40) as my introductory gift to you, an expert online evaluation ($250), and a full market analysis ($499). Please read on for details of these options.
Welcome to the OttawaAgent.ca Home Valuation Centre!
Are you:
Curious about the current market value of your home?
Fascinated by artificial intelligence and want to see if it thinks your home is worth more or less than you expect?
Thinking about refinancing your home to use some of the equity for a project?
Coming up for mortgage renewal and trying to decide what terms you want based on how much equity you have?
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 or investment property, and planning your next move or acquisition?
Your property could be worth more or less than others like it in the same neighbourhood, on the same street, or in the same condo building. There are many factors that impact its value, from specific aspects of your property to market conditions and current consumer behaviour. Some of these factors you can control and others you cannot. Preparation is key to success - consider your objectives and select the level of home valuation that delivers what you need right now.
Three Levels of Home Valuation
I'm glad I had a chance to really read through the paperwork. All looks good and the parts you have added into the form are clear and straightforward. This is the fifth home I have bought and sold (now trying to sell) and I must say you are easily the most professional, clear-spoken, and pleasant realtor I've ever worked with. The buying and selling of homes is always really stressful but you have made the process this time around far better than my past experiences. It will be my pleasure (metaphorically as it will just be bank transfers) to write you a check at the end of this as money well spent.
Why Pay For A Home Evaluation?
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: 1. offering a "Free Home Evaluation" or saying "I have a buyer looking for a house like yours" to attract seller clients, and 2. using their seller clients' properties to attract buyer clients, through Open Houses, Coming Soon or Exclusive Listings, and 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 their existing client sell their 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. Yes, any real estate agent is happy to give you an idea of what your house might be worth, and all the more so if you're thinking of selling. They will 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 similar to yours 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.
My market analysis is not to be misconstrued as an appraisal. Only certified appraisers can author a bona fide appraisal. But many of my clients have submitted my 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 my 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? You get this information for free and then tell the agent thanks, I'll consider you if I decide to sell?
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. Click the button below for a sample Full Market Analysis. This is an older version, from 2017. I'm always improving these reports; today they're more detailed and include additional sources that I pay for. I'm sharing an old version as a sample for competitive reasons - I don't want to display all my secrets publicly. Not that most agents would be willing to put in the effort or pay the costs required to produce a product like this anyway. It typically takes 5 to 10 hours to complete a full market analysis, including a visit to your property.
Full Market Analysis - 2017 Sample Report
Land Registry AI Home Valuation
My ($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 have to try out this new AI Home Valuation tool! It's fun, it's interesting, and it's a great place to start.
Fill out the form to send me 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 I am able to purchase your Teranet automated valuation report and send it to you the same day if you ask before noon, and the following day otherwise.
I 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 I send you your automated valuation report, reply and ask me to perform an expert home valuation. I'll ask you a few questions about your property that will help me distinguish it (positively or negatively!) from similar properties that have recently sold. I will pull MLS and land registry records and send you a detailed analysis and updated market value estimate.
I was going to wait to do my final “thank you's” until closing, but I just have to thank you now for the incredible job you have done with the sale of my condo.
From day one you were SO knowledgeable, kind and professional (and I just knew I had the right person once I talked to you)! I SO appreciate the time, texts, calls, emails and support you have extended to me over the past few years.
I found it extra daunting to do all of this remotely, but after <the designer's> recommendation and talking and corresponding with you, I was able to relax and take great comfort in having you at the helm.
Thank you SO SO much from the bottom of my heart for everything... your hard work, knowledge, experience and kindness are not lost on me (and are most appreciated)!
I am already telling my friends, family and colleagues about you (and will continue to do so always). I honestly think I have the best agent in Ottawa and feel fortunate to have worked with you.