Putting one’s home on the market isn’t a decision to be taken lightly, as it’s often a lengthy process that requires research and proper preparation. The good news for B.C. homeowners is that RE/MAX has recently launched an online tool that will help them decide whether or not it’s the right time to sell.
The first of its kind in Canada, the B.C.Home Estimate Tool can provide an up-to-date and accurate estimation of a home’s current value based on the local market. This is calculated based on a history of sales trends, similar recently sold homes and tax assessments in the neighborhood.
The tool prompts the user to plug in their address and, within seconds, shows them a value range for their property and the neighbourhood as a whole. It can even give an estimate for specific units in a given apartment or condo building.
It can be intimidating to venture out into B.C.’s changing marketplace. RE/MAX of Western Canada Regional Executive Vice President, Elton Ash, encourages potential sellers to do some research about their own property and what similar homes are valued at in the area. Only homes that are not currently listed by a realtor are searchable using the tool, however.
“This is where the tool that we’ve introduced can be very important for home sellers, because you can type in addresses of properties that you might know that are kind of similar to your home […] and that home’s estimated range of value will pop up,” Ash explained.
This way, potential sellers can feel empowered — and have an idea of what price they would like to list at — before they even speak to a real estate agent.
“There’s a wide range of information [the tool provides] that is available alongside the actual home value itself. That includes neighbourhood demographics, school information, drive times, walkability scores,” said Ash. All this can be used to help any potential seller see how their home stacks up to other properties.
The B.C. Home Estimate Tool is meant to be used as a starting point for prospective sellers and cannot take into account all the unique circumstances of a property — an appraisal is required for an official, legal estimate.
Understanding the market is only one thing that homeowners should consider when it comes to making the decision to sell, however. Ash said it comes down to three key aspects: personal timing, preparation of the property and realtor choice.
When the market is hot and prices are rising, homeowners can be tempted to put their property on the market in hopes of a good return. But as Ash pointed out, the market is relative: “You sell high, you’re going to buy high. You sell low, you’re going to buy low.”
According to Ash, making the decision to buy or sell should be based on one’s personal situations and lifestyle, not on the state of the market itself. These situations include people who are “move-up buyers” or, on the other end of the scale, who have become “empty nesters.”
Ash commented that the real estate industry has long been hesitant about making sales data available to the public, but stated that RE/MAX feels strongly about informing the consumer and being as transparent as possible.
“Realtors who are intimidated by today’s empowered consumer are not really the right people you want working for you,” he advised, suggesting that sellers interview at least three realtors before settling on someone they feel comfortable with.
With sales becoming increasingly complex legal transactions, Ash noted that it is still a good idea to seek the help of an agent to guide you through the process. Making sure your property is in the right condition to be shown and sold is something a realtor can help with as well.
That being said, there’s no reason why you can’t seek out the information you need to be well-informed about the sale of your home. Click here to try out the B.C. Home Estimate Tool for yourself.
