Home Values Online - Why They are Not Good


Home Values Online

Are home values online any good? 

 I will discuss the 5 reasons why you should avoid getting your Home Values Online in Canada.

  1. Most websites use online Tax assessments values to report estimate on your home value.  Tax assessment is a tool just used for local tax authority to collect taxes for the city.
  2. Most online home evaluation tools don’t even  allow you to input the number of bedrooms, square footage, age, and other details that are important.  So how could any online estimate be accurate without even knowing how many bedrooms your home has?  
  3. Nearby Properties as a comparison - The online searches that pull nearby properties for comparison, just pull everything that sold in that city.   In my example the property I was looking up the online value for a condo that was in a building that is only 8 years old, and the nearby property that the website used as a  compared sold at 320 Royal Ave was 43 year old building. 
  4. Online home evaluations are very inaccurate - look at this comment regarding the  REMAX.ca website home evaluation tool.  “It's not even close to accurate for my neighbourhood in Kelowna. my neighbour just sold for almost $200k above this tools suggested price!”
  5. You will need to sign in more details.  As you can see here most of the important information you want is blocked out.  But once you give up your personal information you will be called continuously by random sales people.   What do I mean by this?  This is big in the US, but it will start to be more common in Canada.  In the real estate business your personal information is called a real estate lead.  Just google “online home values” and you will see many websites offering home evaluations, but their is a tab for real estate agents to sign up.  So whats the kicker here?  The agents who signs up are promised leads and they are trained to call these leads over and over again in an attempt to earn your business.  So the lesson to be learned here is don’t be a lead, and don’t sign up for an online home evaluations because they are very inaccurate.    

So whats the best method to get your homes value.  Don’t be shy, Just contact your local realtor, and they should give you all the proper information.  Neighbourhood statistics ,all the active ,sold and expired comparable properties on the market.  The in-person home evaluation is always better as the realtor can customize the report to match your home.

If you need an in person home evaluation please feel free to reach out to me.   

Question of the day, what do you think of getting home values online?  Please leave it in the comments below. I will try my best to personally answer all comments myself.     

As always please like, share and become smart savvy consumer.  I make educational content every Tuesday and videos every Friday.

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