VALUING YOUR PROPERTY USING PROPERTY DATABASES SEARCHABLE ON THE INTERNET
There are now several databases accessible on the Internet that you can use to value your property by yourself through a comparison of sales that have already been made in the same geographical area. Let us review the various databases available:
1.The State database: “DVF” Demande de Valeurs Foncières (land value demand)
On 24 April 2019, the State made its property database available to the public. You can now find out what sales have been made over the last five years. This information was already available to taxpayers but a login was required and access limited. This database was called PATRIM. The State is now demonstrating transparency. A very simple-to-use application (app.dvf.etalab.gouv.fr) geolocates the transactions contained in the database.
Strengths: free, ease of use, reliability of the information published.
Weaknesses: little information about the properties. It is impossible to know for example on which floor an apartment is located or the condition of the apartment. The database is meant to be exhaustive but in reality it lacks the most recent transactions because the authorities sometimes take one year to update their database. Indeed, the notarial deed must first be published and the database is updated only twice a year – in April and October.
2. The notaries’ database: “PERVAL”
Notaries have their own database. All sales signed in their office are entered into it. They are also required to update the database with the pre-contracts of which they are aware.
Strengths: The pre-contracts give a market trend.
The information contained in the database is richer than in that of the State. The characteristics of the property are provided (the floor, whether or not there is a lift, a swimming pool, etc.).
Weaknesses: the database is incomplete despite the notaries’ commitment to document all the sales and pre-contracts they deal with. In general, the notaries have not visited the property and they may not always properly document the database with the positive and negative points of the property in question.
3. The agency network databases
The various agency networks also have their own databases documented by the sales made by their network.
Strengths: useful for obtaining a market trend according to neighbourhood. Databases that are very rich on the condition of the property. The agencies have photos and are fully aware of the property’s fixtures and its positive and negative points.
Weaknesses: Non-exhaustive, sometimes unreliable regarding the actual sale prices.
4. Can a person now value their property alone?
All these databases are interesting and complementary. They are most often useful for recreational applications. However, they do not allow an individual to establish by themselves the specific market value of their property. This is because:
-each property is unique. The condition of the property is a key component of the valuation.
-the number of sales is relatively low and this makes it complicated to arrive at a conclusion by comparison alone.
- the databases provide a history of sales and not a projection of the market trend.
In conclusion, the advice of a professional with good knowledge of the local market is still key in properly valuing your property.