February 13th, 2026 | Selling
What Is a Free Home Evaluation?
Whenever a move is coming up, it’s natural to have home values on your mind. Whether you’re planning to buy or sell, understanding what a property is truly worth is essential to making a confident, informed decision.
How do you find out how much a house is worth? The market data changes so quickly, and it can be challenging to figure out what all those numbers mean for your specific situation. In this post, we’ll break down the difference between market value, appraisals, and assessed value, so you can make a smart investment for your next move.
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Free Home Evaluations: Seller Edition
If you’re thinking about selling, one of the first questions you’ll ask is “What is my home worth?”In this case, you’re not thinking in terms of property taxes or legal valuations such as the division of assets in a divorce or estate purposes. Instead, you’re focused on fair market value, or what a qualified buyer is reasonably willing to pay for your home in today’s market.
There are online tools where you can simply type in your address and get an instant calculation. They can be helpful if you’re just looking for general knowledge, but it’s best to take them with a grain of salt if you’re serious about buying or selling.
These estimates often do not factor in minor nuances, recent renovations, lot characteristics, or the overall condition and quality of finishes in your home.
That’s where the free home evaluation, often referred to as a Comparative Market Analysis (CMA), comes in. An experienced real estate agent will visit in person to assess your property, carefully considering its square footage, upgrades, layout, location, and finishes. The agent will then compare your home to similar properties that have recently sold in your area.
The agent will then pull the most up-to-date reports from local real estate boards and provide a well-supported estimate of your home’s current market value. This will give you an idea of what you can expect to earn when selling in the current market.
Are you curious about what your property is worth? Find out by booking a complimentary home evaluation with our Ottawa real estate agents.
What Home Appraisals Mean
A property appraisal is similar to a home evaluation, but it serves a different purpose. Appraisals are performed by certified appraisers, most often on behalf of the lender, to determine how much funding they are willing to provide.
Understanding appraisals is essential for both buyers and sellers, especially in an active market where prices can fluctuate quickly. Imagine for a moment that a buyer and seller agree on a purchase price of $750,000 based on current market conditions.
However, when the lender orders an appraisal, the appraiser might come up with a different number, which could be less than the purchase price. In this case, let’s say the house is appraised at $730,000. This is the amount the lender will use to calculate the buyer’s mortgage approval and funding.
- If a buyer offers more than the appraised value, their financing may fall short, requiring them to cover the difference.
- From a seller’s perspective, it’s important to confirm that the buyer has access to sufficient funds in case the purchase price exceeds the appraised value. Otherwise, financing issues can create delays or complications before closing.
Nuances like these are precisely why you want to work with an experienced real estate agent when buying or selling. We will guide you through every step of the process and communicate clearly so all parties know what to expect.
No one can control the market, but the right strategy can help you get outstanding results when selling your home in any situation. Learn more in the posts below:
- You Only Have One Chance to Make a First Impression
- How to Sell Your Ottawa Home When You Have Kids or Pets
- Can I Use the Same Ottawa Real Estate Agent to Buy and Sell?
House Value Assessment
We’ve talked about free home evaluations and appraisals. Now, there’s one more term to understand: property assessment.
In Ontario, property assessments are conducted by MPAC and are used by municipalities to calculate property taxes. These values are often based on a valuation date from several years prior, which means they tend to lag behind current market conditions.
A lower-than–market assessment can actually benefit homeowners by keeping taxes lower. However, this is not an accurate indicator of what your home could sell for in the current market.
Using an outdated assessed value can lead to underpricing your home, which may leave money on the table or, worse, raise red flags for buyers who wonder if something is wrong with the property. Accurate pricing is essential to a successful transaction.
Are you thinking about a new home in Ottawa? The posts below can help you turn the dream into reality:
- Questions to Ask When Buying a House
- How to Buy a Home in Ottawa
- Are Older Homes a Good Investment in Ottawa?
What Tool to Use and When
The following summary can help you remember which tool applies under what circumstances:
- A home evaluation can give you a compelling price point for a successful transaction.
- An appraisal tells you the official valuation of the property, either for the division of assets or financing purposes. They can also be useful for estate planning or refinancing an existing mortgage.
- An assessment is used by the government to calculate how much you owe in property taxes.
When buying or selling real estate, complete, up-to-date information will help you make the most of the transaction. Realistic expectations are the foundation of a successful outcome.
Do you want to learn more about buying or selling a house? As Ottawa real estate agents, we are committed to getting you the best value. Reach out to us anytime at 613.829.7484 or email mail@chellteam.com to learn more.
