How much is my property worth?
Real estate market analysis by a broker
As a broker, I have full access to the Centris® system. This central database reserved exclusively for real estate brokers is much more complete than the public Centris.ca site.
Thanks to Centris®, I can do a market analysis based on comparable sold properties in the same area. To properly evaluate a property, you have to take the time to analyze the market and ask the right questions.
- What is the seller/buyer ratio?
- Are we in a buyer’s or seller’s market?
- Where is the property located?
- What are the income and expenses?
- Are there any special features such as parking?
- Is this a rare product?
- Is the property well maintained?
With state-of-the-art tools and my experience in the field since 2000, I can propose the right price between the amount a buyer would be willing to pay and the price that would be acceptable to the seller.
The importance of setting the right price for your property
In order to sell within a reasonable time frame (the average delay was 62 days on the island of Montreal in 2020), it’s very important to set a fair price from the start.
An overpriced property will be overlooked by buyers and will lose its novelty as the weeks go by. Conversely, if the asking price is too low, you won’t reach the full potential of your asset when you sell.
Market value vs. municipal assessment
The market value of your property
Market value is the price of a property offered in an open and competitive market where both the seller and the buyer are aware of market conditions. Generally, market value is several percentage points higher than the municipal assessment.
There are several factors to consider when assessing market value. For example, in the case of an income property, the profitability calculation, which consists of using the net income from the property, must be used to evaluate its market value.
Municipal assessment of your property
The municipal assessment is revised every 3 years and is established 18 months before it comes into effect. The latest City of Montreal property roll reflects the July 1, 2018 market and will be used for 2020, 2021 and 2022.
Due to the length of time between the assessment date and the roll, it’s not recommended that the municipal assessment be used for pricing.
The municipal assessment doesn’t always reflect market fluctuations. Instead, it’s used as the basis for calculating the municipal tax and the school tax.
You should also consider that unless there is a special situation, a municipal assessor won’t visit your property. Therefore, there are many qualifying features that won’t be taken into consideration during the assessment.
Request your free appraisal today!
How does a free appraisal by a real estate broker work?
FILL OUT THE SHORT ONLINE FORM
Please note that your information is confidential and will only be used for your evaluation.
USING YOUR INFORMATION, I ANALYZE YOUR REQUEST
We will make an appointment to visit the premises. The visit is essential to obtain a credible and complete analysis. We will finalize the report during the appointment.
A WRITTEN REPORT WILL BE GIVEN TO YOU
All of this is free of charge and without any obligation.