Finding out how much a house is sold for, is important. This goes for anyone whether you want to buy a house, getting ready to sell, or just checking out homes in your area.
However, how to find out how a house is sold is not as easy as it should be. In the past, information on sold home prices was only accessible to a few people – especially insiders in the real estate industry. And they guarded it jealously as a way of maintaining their advantage.
Fortunately in Ontario and Canada in general, this information is more accessible today and anyone interested can get it with ease. But why is it important for someone to find out what a house sold for?
Why Is It Important To Know How Much A House Sold For?
As mentioned earlier, only gatekeepers in the real estate industry such as real estate agents and realtors had access to sold houses data. But today, literally anyone can get access to sold home prices.
Finding out how much a house sold for in your neighbourhood is important for several reasons. First, knowing house sale rates will help you know how much you should pay for the house you are interested in. And in case you are selling or want to refinance the house, it will help you to correctly price your home based on recent comparable sales in your area.
In addition, this information helps buyers know the overall market trends in a particular area. You can easily tell whether the property values are going up or down in the area of interest. This will help you determine whether the said property is priced properly based on the current market conditions. For an investor, such information is very critical.
Irrespective of your reasons for wanting to know the sale price of a house, here are some ways on how to find out how much a house sold for in Ontario.
How To Find Out How Much A House Sold For In Ontario
Speak with a Local Realtor
One of the easiest, and yet most effective ways on how to find out how much a house sold for in your neighbourhood is to speak with a local realtor.
As mentioned earlier, sold homes data was not freely shared in Canada but realtors would have access to it.
Realtors have accurate information on how much a house is sold for in their area of operation. And you will be surprised that many of them are more than willing to share this information as a way of wooing potential buyers.
The best thing about dealing with a local realtor is they have up-to-date data on the deals they have worked on. So the figures they give you will be a good reflection of the prevailing market rates.
Also, a realtor has relationships with other realtors so it is easier for them to source such information on properties recently sold by other realtors.
Additionally, local real estate agents have access to the Multiple Listing Service (MLS). This is a database used by agents to list properties and helps find the property that is for sale. They also use it to share sales data with each other.
So if you have been wondering how to find out what a house is sold for, simply visit a local real estate agent with the address of the house you are interested in.
Visit the Local Registry Office
This is another option if you don’t know how to find out how much a house sold for. A local registry office usually keeps records of all property sales in a particular area. This will include information on the location of the property, the deed/title number, and how much the property sold for. It is even possible to find details on all past and current owners.
To perform a search, you need to have the deed or title of the property. In most offices, you will be given the records to pursue yourself. Alternatively, you can request the office staff to help get this information for you. You may be charged a small administration fee for this information.
Because of technology, many county offices have now digitized their records so you can access the data online. This means you don’t have to visit the offices in person. Simply visit their websites and get the information you are looking for.
However, some areas in Ontario may have non-disclosure laws that regulate the sharing of information on property transactions. Also, some registries won’t share the financial details directly with members of the public. In such a case, you may have to go through a lawyer or a certified realtor to get the information.
Real Estate Sites
These are online resources that offer information for buyers to know how the real estate market is.
Usually, these sites will have a feature that allows you to zoom into a particular area or neighbourhood. This could be an address lookup tool or a map.
To find the most recent home sale price on these sites, simply enter into the search box the address of the property. This is all the information you need. In case you don’t have the actual address, some sites will allow you to search it on their pages.
Once you have entered the address into the search box, the property will open on its own page. There will be a summary of the property. This includes the most recent sale price of the house and the current listing price if the property is still on the market.
Please note that most of these sites get their information from third-party sources. So they may not always be accurate or up-to-date. Also, the information may not reflect some key pricing aspects such as seller concessions or closing costs which significantly affect the price paid for a property. Also, different sites can have conflicting results. Therefore, it is advisable to check more than one real estate site to compare results and get objective data. Some of these sites include HouseSigma, Realosophy, and Honest Door.
