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.

Dino Stepic

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:

Bankruptcy or debt consolidation

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.

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

Opinion of value faq

Not sure whether you need an Opinion of Value, home evaluation or appraisal? We’ll point you in the right direction.

How does an Opinion of Value work?

We keep it simple:

  1. Tell us about the property and why you need the valuation.
  2. We confirm the scope, fee, expected turnaround and any information required.
  3. We review the property, including its condition, improvements and relevant financial or rental information. An in-person walkthrough may be recommended.
  4. We research comparable sales, current listings and local market conditions.
  5. You receive a written Opinion of Value outlining the estimated market value and the reasoning behind it.

Most straightforward residential Opinions of Value can be completed within a few business days once the property has been reviewed and the required information has been received. More complex properties and real estate portfolios may require additional time.

Can an Opinion of Value be used for an estate, divorce or refinancing?

An Opinion of Value may be useful for estate planning, probate discussions, separation or divorce, refinancing conversations, portfolio reviews and financial reporting. Before ordering the report, confirm whether the lawyer, lender, accountant, court or government agency receiving it will accept a REALTOR®-prepared Opinion of Value or requires an appraisal completed by a designated appraiser.

What is the difference between a free home evaluation and a paid Opinion of Value?

A free home evaluation is generally prepared for an owner who is considering selling and focuses on a potential listing price and marketing strategy. An Opinion of Value is a more detailed, standalone written property valuation prepared for a specific purpose, even when the owner has no plans to sell. If the owner decides to sell with us, we will reimburse the fee.

Is an Opinion of Value the same as a comparative market analysis?

They serve different functions. A comparative market analysis, commonly called a CMA, primarily compares a property with similar active listings and recently sold properties. An Opinion of Value may also consider renovations, property condition, neighbourhood trends, rental income, operating information, suggested repairs and most importantly the purpose for which the valuation is being prepared.

Does a REALTOR® need to visit the property?

An in-person property visit is generally recommended because layout, condition, renovations, deferred maintenance and the current use of the property can affect its estimated market value. For rental or commercial properties, leases, rental information, operating expenses and renovation records may also be requested. In some cases, for example, divorce, a site visit may not be possible, and we can provide an opinion of value nonetheless.

How much does an Opinion of Value cost in Winnipeg?

Our standard fee for an Opinion of Value ranges from $199 to $749 plus GST depending on the property type. If you later buy or sell a property through The Dino Network - or refer someone who does - the fee will be credited back in full. Pricing for large real estate portfolios or unusually complex assignments will be confirmed before work begins.

How long is an Opinion of Value valid?

An Opinion of Value estimates the property’s market value as of a specific effective date. Real estate market conditions, comparable sales, rental income and the condition of the property can change. An updated property valuation may be required when significant time has passed or when the intended recipient requires a recent report. It's best to check with the entity that is requesting it.

Can you prepare an Opinion of Value for multiple properties?

Yes. Multi-property and real estate portfolio valuations can be prepared for investors, landlords, estates, corporations and individual property owners. The scope and fee will depend on the number of properties, their locations, the property types involved and the amount of supporting information required. Inquire for custom portfolio pricing.

What types of Winnipeg properties can be valued?

An Opinion of Value can be prepared for houses, condominiums, rental properties, residential investment properties, commercial real estate and multi-property portfolios. The valuation process and supporting analysis will be adjusted to the property type and the purpose of the report.

How long does an Opinion of Value take?

Most standard residential Opinions of Value can be completed within a few business days after the property walkthrough and receipt of the required information. Rush service may be available when timing is important. Commercial properties, complex assignments and multi-property portfolios may require additional time, but the expected turnaround will be confirmed before work begins.

Do you need an opinion of value?

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