One of the first questions my clients who want to sell ask me is "how much is my house worth?" And I understand why many start by searching apps like Zillow or Redfin, but those automated estimates almost never reflect your property's real value. Here's how I actually calculate a home's value, and why it's worth getting an evaluation done by me as your agent, not by an algorithm.
Automated valuation tools use public data and general algorithms, without knowing your home's actual condition, the renovations you've made, or the specifics of your street or neighbourhood. They can be thousands of dollars above or below the real value, and they're often not updated at the real pace of the market.
What I use to give you a reliable number is a CMA (Comparative Market Analysis). I review properties similar to yours that sold recently in your area (the so-called "comparables" or "comps"), taking into account size, number of bedrooms, age, condition, and improvements made. I also review properties currently for sale in your area, to know what you'd be competing against, and ones that didn't sell, to understand what isn't working in the current market.
Beyond comparables, there are specific factors that can raise or lower the value: the exact location within the neighbourhood, the condition of the kitchen and bathrooms, structural improvements like the roof or electrical system, lot size, and even the home's orientation. The timing of the market also matters a lot: the same home can be worth something different in spring than in the middle of winter.
Setting too high a price can leave your house sitting for weeks or months without offers, which sometimes forces a price drop later and signals a red flag to buyers. Setting too low a price means leaving money on the table. A well-done CMA gives you the price that will actually attract serious offers from day one.
It's free. It's the first step before any decision about selling, and it doesn't commit you to anything.
The market moves constantly, so if your last evaluation was more than six months ago, it's worth updating it before listing your home.
They can give you a very general idea, but they don't replace an analysis done with real data about your neighbourhood and your property's specific condition.
If you want to know what your home is really worth, send me an email with your question at contact@nataliarendon.ca and I'll prepare a comparative analysis for you at no cost.