Homeowners Encouraged To Do Their Own Due Diligence When Selling Their Home

Engaging an Independent Professional Appraiser Will Provide Valuable Information

OTTAWA, Feb. 11, 2016 /CNW Telbec/ - The Appraisal Institute of Canada is encouraging property owners to engage a professional appraiser to help them do their own due diligence when determining an optimal list price of their property. Appraisals conducted by designated and qualified appraisers provide an unbiased and independent opinion of value on a property. This is important in in all markets but is particularly true in markets such as Vancouver and Toronto which have recently seen significant increases in prices.

"An Appraisal Institute of Canada designated appraiser who is actively working in the local market area can assist a seller by providing an appraisal report that provides an unbiased current market value for the property supported by comprehensive research on recent transactions of comparable properties," states Daniel Doucet AACI, P. App, President of the Appraisal Institute of Canada. "An unbiased opinion of value provides a seller – or a buyer - with one more piece of information that they can use to make an informed decision regarding the list price of their home."

Professional appraisers use a number of methods to arrive at an opinion of market value. Under the Canadian Uniform Standards of Professional Appraisal Practice, AIC members also conduct a three-year sales history and a one-year listing history search and analysis of the property they are appraising.

An appraisal report will help property owners to better understand a market's sales and listing history; exposure time to sell a property; supply and demand for similar property; structural characteristics; assessment data; title restrictions; zoning; and, land use controls.

"For an investment as important and as significant as your home, being diligent and informed is important especially in markets where speculation and emotion can drive the purchase price of homes," states Keith Lancastle CEO of the Appraisal Institute of Canada. "Engaging an AIC designated appraiser to conduct an independent appraisal is another critical step that sellers should take to ensure they make an informed financial decision."

About the Appraisal Institute of Canada

The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 5,000 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. Our members provide unbiased appraisal, appraisal review, consulting and reserve fund study services on all types of properties within their areas of competence. For more information, go to AICanada.ca.

SOURCE Appraisal Institute of Canada

Sheila Roy, Appraisal Institute of Canada, Phone: [phone] x224, Mobile: [phone], [email protected]