HonestDoor
HonestDoor Price

How much is your house worth?

2021-04-10 · Your HonestDoor Team 3 min read



Image representing How much is your house worth?

Ultimately, your property is worth as much as the market is willing to pay for it. And unless you just sold (or just bought) it yesterday, or you’ve been given an offer by a buyer, it can be difficult to keep tabs on how much your huge investment is actually worth.

That being said, like any other investment vehicle you have, you still want to know approximately the price it could sell for. That’s why we created the HonestDoor Price.

It’s our estimate of the value of a property based on advanced statistical and machine learning methods.

And we calculate it for more than 3 million properties. Over the next few months, we will by rolling out HonestDoor Prices for all properties across Canada.

Our proprietary formula takes into account many different factors and is a starting point in determining a home’s value. It’s not an official appraisal.

The HonestDoor Price error rate is better than the Zestimate and Redfin's automated valuation model in the US (if you’re familiar with those) and is the best in Canada. It is the most accurate for two main reasons:

  1. It's based on the largest real estate database in Canada.
  2. The algorithm incorporates thousands of data points from users who have voluntarily provided information about their properties each day, which means it’s constantly improving.

Sometimes, our users feel that their property’s HonestDoor Price should be higher. And that’s fair. We don’t know if you’ve recently re-done your kitchen, or finally built out a secondary suite in your basement to rent out, or even spruced up your backyard! All of those details can add value to a property. That’s why we developed a way for you to let us know why your property’s HonestDoor price should be higher (or lower). We work with a team of professionals to evaluate details that you provide to determine if we should increase or decrease your HonestDoor price. Since we aren’t actually coming into your property to assess, we still stress that the HonestDoor Price is not an official appraisal, but it’s as good as you’ll get without actually listing your property for sale to see what buyers might be willing to pay for it.

So, go and check out your HonestDoor Price. And if you don’t like it, then tell us!

Yours truly,

HonestDoor

Your Real Estate Starting Point

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REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

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REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.


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