Zoopraisal™ by Zoocasa

Zoopraisal™ is Zoocasa’s estimated market value of your home which can be used a starting point in determining a home’s price. The Zoopraisal™ service is provided through a licensing agreement with Centract Settlement Services which possesses one of the largest national databases of residential real estate prices and information in Canada. The Zoopraisal™ also provides additional content from the Zoocasa database and its content partnerships including detailed neighborhood demographics.

And did I mention, it’s free?

By entering the few required details seen below, it provides an estimated valuation of your home within a low & high range.

  • Address
  • Style (choice of Side-split, bungalow, condo, 2+ storey, townhouse)
  • Bed
  • Baths
  • Living Area
  • Lot Size
  • Year Built

But let’s put it to the test.  How accurate are the estimates?

To begin with, lets focus on the apartment-style condos that sold yesterday in Calgary.

Altadore River Park

Sold for: $235,000
Estimate: $247,237 
High: $261,000
Low: $234,000

Crescent Heights
Sold for:  $325,000
Estimate:  $311,114 
High: $336,000
Low:  $286,000

Discovery Ridge
Sold for:  $265,000
Estimate:  $260,752
High: $274,000
Low: $248,000

Sold for: $95,000
Estimate:  $103,884
High: $122,000
Low: $88,000

Sold for: $446,000
Estimate:  $431,558 
High: $482,000
Low: $382,000

Sold for:  $162,000
Estimate:  $204,396 
High: $242,000
Low: $167,000

Royal Oak
Sold for: $297,825
Estimate:  $306,021 
High: $333,000
Low:  $279,000

Shawnee Slopes/Evergreen
Sold for:  $230,000
Estimate:  $259,495 
High: $286,000
Low: $233,000

Sold for: $314,500
Estimate: $268,907 
High: $309,000
Low:  $228,000

West Dover
Sold for: $199,000
Estimate: $235,271 
High: $258,000
Low: $213,000

For estimating market value of condos, aside from a couple of quirky valuations, I was like:

For single family homes, it still needs some tweaking but that’s to be expected with something that was launched just last week.   It’s limited in house styles (no bilevels, 3 level splits, etc) and sometimes adding just an additional bedroom would bump up the value by $50k or more.

Give it a try:  click here

and then come back and let me know how it did appraising your home.

3 responses to “Zoopraisal™ by Zoocasa

  1. The G&M article is full of erroneous information:

    Real estate information that was once almost impossible to get without the help of an agent is now available online, in yet another sign that the business of selling homes is rapidly changing.

    Carefully guarded data on home appraisal values – once the private preserve of real-estate industry insiders – has been posted by a listings website backed by Rogers Communications Inc., which has tapped private databases to give people an instant estimate of a property’s value.

    The move is significant for buyers and sellers from coast to coast because it is another step in weakening the position of real estate agents, who have long used their privileged access to data about local housing markets as a tool for getting customers – and for justifying commissions that usually cost about 5 per cent of the value of a home.

    We never had access to home appraisal values, ever. This tool is just as new to us agents as it is to the public. Appraisal values are completely different than sold data and doesn’t always reflect market value.

    The service is the latest assault on the traditional real estate model, which has often kept information in the hands of agents to ensure they are an integral part of any sale.

    As the Internet catches up with the industry, more and more services are being offered individually by smaller companies looking to fill niches…The industry has opened up considerably since the Competition Commissioner’s case.

    The Competition Bureau’s case againt CREA had nothing to do with this new tool. Nothing was stopping companies such as Rogers from making sites like Zoocasa years ago. It’s not even MLS data Zoopraisal is being run off of.

    Take a peek at the other articles this same reporter has written regarding Realty Sellers, Property Guys and the Competition Bureau and it’s easy to see his slant.

  2. Thanks for a comprehensive review Mike. You are right, the tool only gets better from here on. Please feel free to email me any other feedback as you see fit. feedback@zoocasa.com

  3. Globe & Mail, October 26, 2011

    The Appraisal Institute of Canada says anyone who let Centract into their home wasn’t doing it so the data could be used by snoopy Internet surfers curious about property values along their street.

    “Our organization has significant concerns relative to the confidentiality and custody of the data being used to populate the site,” said Keith Lancastle, the organization’s chief executive officer.

    Zoocasa president Butch Langlois said the service isn’t intended to replace the services of professional appraisers or real estate agents, and the estimates are based on similar properties in a neighbourhood and not on any specific report on a specific property.

    “We are not actually pulling any data on specific houses,” he said. “It’s based on sales and appraisals in the area around the home.”

    Read more

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