In the past few years, Automated Valuation Modelling has become very popular within the Real Estate Industry. Appraisers started using AVM’s to assess the value of a residential property rather than going out and doing a full inspection of the property as happened in earlier years.
Zillow, which has come to the Canadian market, has been providing "Zestimate’s" for years as did Zoocasa. Sometimes value is understated and sometimes overstated causing some Real Estate firms wanting the data directly from the Real Estate Boards released so that they have another source with up-to-date information that could be added to the mix in the AVM.
A Realtor does have access to Land Registry information and Municipal Data through payment to companies like MPAC (Municipal Property Assessment Corporation) and Teranet, but more and more you will see more public options for a seller who is interested in knowing the value of their home and be able to access that information electronically without speaking to a Realtor.
At Silver/Burtnick & Associates we have partnered with a company called HomeProof. See the form below, just enter your address and the AVM will give you a range of value that your house will fall into. If you are interested, please try it and let us know if the valuation is close to what your thoughts about your property would be...
If you want a more accurate assessment we would be happy to research and inspect your property and give you a Comparative Market Analysis that would also give you our thoughts on the kind of pricing you could expect in Today’s marketplace. Remember always that either an AVM or a CMA is very time specific as the market changes and fluctuates.
In the meantime, please feel free to access this free service on our website to get a value range. (At the present, this system only works in the Ontario marketplace but will probably be expanding.)