Ottawa Real Estate Home Evaluation

3 01 2013

movingcoupleBefore putting your Ottawa home on the market or listing with an Ottawa real estate agent, savvy Ottawa home sellers obtain a Comparative Market Analysis, also referred to in the real estate industry as a Home Evaluations or CMAs.

You’ve probably received direct mail letters or post cards from local real estate agents about Home Evaluations. These pitches offer you a free report to tell you how much your home is worth. Ottawa real estate sellers can use our Geoff and Bobbie McGowan Ottawa Home Evaluation to figure out home pricing.

What is an Ottawa Home Evaluation?

Although reports can vary, from a two-page list of comparable home sales to a 50-page comprehensive guide, the length and complexity of the report depends on the agent’s business practice. However, standard Ottawa comparative market analysis reports contain the following data:

  • Ottawa Active Listings
  • Pending Ottawa Listings
  • Sold Listings in Ottawa Canada
  • Off-Market / Withdrawn / Canceled Ottawa Real Estate
  • Comparable Sales

Comparable Real Estate Sales in Ottawa

The data from comparable sales can often be the most telling, as it will give direct indication of how the real estate market in your Ottawa area, community, Ottawa neighborhoods and even particular street is faring. Comparable sales are those that most closely resemble your home-and those that are right in your neighborhood can be the most helpful, especially when the real estate market varies greatly between closely neighbouring city and suburb areas. It is difficult to compare a tri-level home to a single-story home. Select the homes from this list that are mostly identical to your home in size, shape and condition, such as:

  • Similar square footage: Appraisers compare homes based on square footage. Larger square-foot homes are worth less per square foot than smaller square-foot homes. The variance among a group of median-priced homes ideally should not exceed more than 200 to 400 square feet, plus or minus.
  • Similar age of construction: Ideally, the age of the home — the year it was built — should be within a few years of other comparable sold homes. Mixed-age subdivisions are common. For example, in one area of Sacramento, a subdivision consists of homes built in the 1950s, and then they jump a couple decades to the 1970s. Although the homes are located next door to each other, the homes loaded with character from the 1950s sell for more than their newer Brady Bunch counterparts. If your home was built in 1980, say, and brand new homes up the street are selling for more, you cannot command the same price as a new home.
  • Similar amenities, upgrades and condition: Appraisers will deduct value from your home if other homes have upgrades and yours does not. A home with a swimming pool will have a different value than a home without a pool. A completely remodeled home is worth more than a fixer. Homes with one bath are worth less than homes with two or more baths. Deferred maintenance will count against you.
  • Location: Everybody knows that real estate is valued on “location, location, location,” but have you considered what that means? A home with a view of the city, for example, is worth more than a home facing a cement wall. Homes located on busy thoroughfares are worth considerably less than homes on quiet streets. Compare your home to those in similar locations. If your home sits across the street from a power plant, look for other homes with power plant exposure or those located along railroad tracks, among other undesirable locations.

More questions? Ask away; as your expert Ottawa REALTORS; we are here to help!

Until next time,
Bobbie


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