Home Evaluator; (HEV) FAQ MENU
To Calculate your Home Value for a Comparative Market Analysis CMA, firstly find the correct City and Home type (Single Family Detached, Condo or Townhouse).
Now input your previous purchase price and the previous purchase date. Chose a date range to calculate the current value of your home.
Final adjustments to increase accuracy: The VMR Evaluator value determination is based on the subject home being in the same relative condition as purchased .
Depreciation and Renovation Adjustments When comparing a NEW home value purchased 8 years ago to determine todays value we need to adjust for the Depreciation and Renovations. For example flooring, kitchens,home functions and designs change every year. Outdating and wear and tear depreciate most homes at a rate of ~1% per year. Updates can counter the deprecation by adding back ~50% of recent renovation costs. (see table for Renovations: Return On Investments)
Home Display: Our studies show that a home displayed in optimum condition increases sale value by as much as 15% and on the opposite side I see that bank foreclosures ( usually displayed in an empty winterised condition decrease values by 16% (foreclosure study was done in 2012)
Land Use Changes: Does your Residential home now have development potential? Checking the Official Community Plan for high density or commercial zoning means higher land use needs to be factored into the evaluation.
Neighbourhood Changes: How has the neighbourhood changed when compared to when it was first purchased? Run down neighbourhoods can negatively effect home values: Eg an abandoned home next door can drop 10-20% off the adjacent homes. Expert Local Realtors determine neighbourhood factors in the Final Home Evaluation.
(Note: Is your city missing? We build out HPIp's in 2-3 new market areas per month, do put in your request for a missing area.)