People throughout Canada have begun relying on google as their one and only source for home valuations. Sadly, this is not the only place that you can get a home valuation.
1. Inaccurate Basic Information
Much of this information such as how many bedrooms/bathrooms make up the home, square footage of the home, and the lot size has to be accurate! This generally has to be inputted by the seller online and once the agent receives it they are left trusting that information. The Globe and Mail states, that the estimate is generated using data provided by Centract Settlement Services. This company has appraised millions of homes and the data being used doesn't pull any information. It based off home appraisals around the area.
2. Mistakes or Omissions in Sales Prices or Property Tax Records
This is a BIG one. Property tax records are a part of the home valuation process that should not be overlooked. Just like inaccurate basic information, inaccurate date of sale or past sale prices affect your home's valuation.
3. Upgrades and Unique Features Unaccounted For
To keep things simple... the internet won't know what you don't tell the internet. REPORT your home improvements or upgrades to the property. Something that may seem like a quick and easy fix to your home may, in fact, affect your home's value when it comes to trying to sell your home. There is a misconception that if you did, in fact, update your kitchen or remodel the inside doesn't necessarily mean it's worth $100,000 more. Upgrades and additions to the home greatly depend on what other homes in your market are like.
4. Housing Turnover Rate
The turnover rate for the housing market is a simple one. The hotter the market (the more homes that are selling and the more information available online about homes in your area) the more accurate your online valuation will be!
As a proud member of the Metro Vancouver community who actually lives here, works here and sells homes here, I would be happy to send you a free report of exactly what your home is worth.
Technology is awesome, but when it comes to the value of your largest financial asset, the accuracy of your home's value matters.