Opinion of Value

The value of a home or commercial property is going to fluctuate over time. If you’ve made massive updates or renovations since you purchased your home, you’ve added value. If you’ve been in a home for a while, it’s easy to lose track of the market and that can lead to drastically under valuing or over valuing a property. Instead of assuming the price is right, ask an expert for a comprehensive evaluation of your home’s value.

An experienced REALTOR® has been fully trained to identify and assess the different areas of a property that will impact the bottom line. An Opinion of Value helps to determine what a house can be listed for based on the condition of the home, market conditions, the value of renovations or updates, comparable properties (both currently listed or recently sold), location, neighbourhood and more.

Why is an Opinion of Value Necessary?

How you would value your home doesn’t necessarily reflect how the market values your home. There is a lot of sentiment wrapped up in a home and that can cloud your judgment. Real estate agents are able to view a property through an unbiased lens, identifying the main selling features, as well as the aspects that impact value. By fully understanding what your property is worth, you’ll never short-change yourself on listing price.

The most common reasons to schedule an Opinion of Value include:

Refinancing an existing mortgage
Applying to adjust your current mortgage
During a separation, divorce or estate sale
When buying or selling a home

Opinion of Value vs. Home Appraisal

It’s easy to think that opinion of value is just another name for a home appraisal or broker opinion but this just isn’t the case.

Home Appraisals: An appraisal is a thorough assessment of a property covering extensive details as mandated by lenders. This information is often included in the public record. For an appraisal to be usable in a formal setting like financial institutions it needs to be performed by a certified professional that holds a designation from the Appraisal Institute of Canada or the Canadian National Association of Real Estate Appraisers.

Opinion of Value: Obtaining an Opinion of Value is often a much quicker process than a formal appraisal. These can serve as a preliminary assessment of a property for buyers, or as an estimate of the property’s value for sellers. An Opinion of Value is largely based on in-depth market analysis and comparisons of similar properties that have been recently sold or are currently listed.

When to Book An Opinion of Value

Navigating the Winnipeg Real Estate Market

There is never a bad time to schedule an Opinion of Value but there are a few occasions when it’s more common:

Determining an initial asking price for a sale
Establishing a fair rental price for tenants
Assessing property value for portfolio management or financial reporting
Establishing market insights to help clients make informed decisions about their current properties or before purchasing a new one.
Evaluating multiple properties
When in need of a quick estimate