Interests and limits of online property valuation

An online estimate makes it possible to obtain the approximate value of a property based on a certain number of criteria such as the exact address of the property and its characteristics (surface area, number of rooms, general condition, exposure, easements, etc.) From the information you provide and the ones available to the real estate estimator on the sale price of equivalent properties in the same area, and based on statistical calculations, you will get a rough estimate of the value of your property.

The online estimate is approximate because the selling price of a property depends on many criteria: those which directly concern your property, which must be as precise as possible, and those available to the online tool. It will base its calculations on several elements: characteristics you will have transmitted, data it has on equivalent properties around and their price on the market. Besides to the fact that two identical properties – let’s say two apartments in the same building – may not sell at the same price depending, for example, on their exposure, we must consider that the market fluctuates according to the supply and demand. In other words, the selling price of a property changes over time. The most reliable online estimators are those which have algorithms that handle large, continuously updated databases. However, the margin of error for the best estimators can be around +/- 15 to 20%. It should also be noted that if in certain neighbourhoods and/or certain large cities the estimator has important data, it may not be the case everywhere. It is indeed easier to accuratly estimate an apartment in Geneva than a beautiful old house in the countryside.

Hedonistic valuation : advantages and limitations

Widely used by real estate agents in Switzerland for several years, this statistical method of calculating value comes from the United States and has been adopted by many players in different markets and in particular in the real estate market. It allows you to compare a property with thousands of others. The price reached by comparable properties in a comparable sector is determined by statistics.

The hedonistic assessment is quick. If the data regarding a property are available and precise (in this case the ones which you are going to provide), and if the database available to the estimator is large, the estimate of the property will go very quickly and can also be quickly renewed anytime at a later date depending on market developments.

This assessment is close to the market. Indeed, what will influence the price of a property is not determined by a person but by the characteristics of the market and the selling price of equivalent properties. However, you must be patient enough to precisely grasp all the characteristics of the property put up for sale. You must also know that the determined value of this property will be based on a statistical calculation (from the price reached by comparable properties in the same sector over the previous months), and will not necessarily correspond to the price at which it will sell.

This assessment is well suited for « standard » properties as the online estimator will have several applicable comparison criteria. It finds its limits when the estimator does not have enough data in certain sectors, or for atypical or out of the ordinary properties such as farms, very old houses, very large pieces of land, or even for luxurious properties. In this case, only a real estate expert will be able to take all the parameters into account to give an accurate assessment. In addition, and taking into account the margin of error that we spoke about above (+/- 15 to 20%), the assessment given by an online estimator can mislead the seller by only providing a general idea of ​​the value of his property.

Estimate the value of your property with Lookmove

Lookmove’s online estimator is free. It is used by many Swiss real estate professionals and is based on several quantitative and qualitative criteria. You will need to fill out a questionnaire, which will only take a few minutes, and you will get an approximate range of your property value based on constantly updated criteria. Among the assessment criteria used by the online estimator, properties for sale in your area, the price at which they were sold, properties for sale similar to yours, etc.

However, our estimator will only give you a general idea of​​ your property value with an estimated margin of error of +/- 15 to 20%. For the moment, no algorithm can analyze and interpret data such as the real value of a piece of land, the possibilities of enlarging a property, the costs per m2 depending on the materials used or the impact of easements in a sufficiently detailed way. Not to mention that in Switzerland the standards for calculating surfaces are not the same from one canton to another and no one is immune to making errors when entering surface data and weights, which have a significant impact on the price of a property…

Call on a real estate agent to precisely define the sale price

After the online estimator who will have given you a first idea, you can request an in-depth estimate from a real estate expert in your area with one click. Independent, serious, qualified, he or she will come to your place and refine the estimate given by the online tool by taking into account all the market criteria at the precise moment when you will ask him or her.

We have partnerships with real estate agents in all Swiss cantons. We work with agents known for their professionalism, their rigor, their knowledge of their territory specificities and their ability to offer buyers and sellers high quality services. With the help of this professional, you will be able to know the exact market value of your property and establish a reliable and well-founded sale price.

Thereafter, this market and legal expert will free you from all the tedious questions and tasks which come along the sale of real estate. The commission he will receive in the event of a sale is often less than the money he will have allowed you to earn and/or save thanks to the assessment of the property. It will look like nothing compared to finding the right buyer at the right price and at the right time and to the energy saved by not going through such difficult procedures.