New tool gives B.C. home consumers more access to data

Consumer access to market data is becoming more important than ever

Buying a home is arguably the most important financial transaction people will make in their lifetime. When making a purchase as significant as a home, consumers need access to detailed property and market information in order to make the most informed real estate decision possible. They want more than just the property description, the home’s bedrooms, bathrooms and square footage. However, this is usually the only data they have access to when browsing for homes online.

B.C. consumers faced a significant lack of data access in their online home shopping experience in the past. Real estate boards have previously restricted access to market data, forcing homebuyers to rely on anecdotal information or word of mouth while searching for a property. This has led consumers to spend an unnecessary amount of time and effort looking for key facts about a property that should be available at their fingertips.

Having access to real estate data will one day be as second nature as checking the weather online. A tool like Real Estate Wire’s (REW) Property Insights allows home owners, sellers and buyers to enter a B.C. home address and immediately gain access to relevant property and market information. Home shoppers can instantly see the home’s sales history, its assessed value and the number of similar homes listed in the last 30 days, as well as median prices of similar properties in the area. Homeowners can stay informed about their property by seeing what similar homes have sold for recently and by getting a clear idea of real estate supply and demand in their area.

“Our goal at Real Estate Wire is to empower Canadians with relevant information and data transparency – the same transparency enjoyed in other markets,” said Ian Martin, director of industry relations at REW. “By staying more informed on the market, it makes for a more efficient and confident process when engaging with a licensed agent once ready to transact.”

As the real estate world evolves, consumers are increasingly empowered with data that enables them to make smarter decisions. Check REW’s Property Insights and get a deeper look when researching real estate.