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Buying Your Home

How Does Assessed Value Relate to the Market Value of Your Home?

Establishing Your Home's Current Value

You've decided to sell your home. To attract buyers and to ensure you receive a fair price, you and your Realtor will want to establish your home's value. To do this, sellers often start with their Property Assessment Notice. Your Realtor will also be able to provide you with an estimate of value based on comparable recent sales and current homes for sale. What is surprising to many sellers is that there is often a difference between the assessment value and the actual value determined by your Realtor.

What Accounts for this Difference?

BC Assessment (BCA), a government Crown Corporation, is responsible for sending every property owner a Property Assessment Notice each January. The notice contains BCA's estimate of the market value of the property as of the previous July 1st. The purpose of the information is to create the Assessment Roll, which is used by local governments to levy property taxes.

To assess the market value of properties, BCA uses what is known as a "mass appraisal system." This allows BCA to value all properties in a cost-effective and efficient manner. BCA's database has information on 1.6 million properties. When a new property is created through zoning, construction or an existing property changes, a BCA appraiser visits the site and looks at the lot size, the structure and other factors. To update market values, BCA appraisers do not visit every property each year. Instead, a mass appraisal system allows them to look at prices for homes sold in each neighbourhood and apply the information to their evaluation of all properties in that neighbourhood. With this in mind, there could be several reasons to explain the difference between BCA's assessed value of your Property and the current value reported by your Realtor. Here are three possibilities to consider:

1. BCA's estimate is current as of July 1st of the preceding year; however, the value your Realtor places on your property is current as of today's date, resulting in a more up-to-date estimate.

2. Your Realtor scrutinizes the most recent comparable data for homes recently sold in your neighbourhood to determine the current trend of housing prices, while taking into consideration the state of the economy. An improving economy is often indicative of rising prices, whereas a declining economy can result in a fall in housing prices.

3. Your Realtor examines the exterior and interior of your property in detail, noting any alterations made to your property since the assessment that could affect the value of you home.

Most successful home sellers have something in common: they use an informed, expert Realtor to help them through the complex process of selling their home. Using only your property assessment notice to value your home can be misleading. For more information on the current market value of your property, contact Lisa MacIntosh at (604) 263-1144.

Tricks & Tips for Successfully Selling Your Home

Find Out What Your Home is Worth... the market is constantly changing, get an up to date evaluation.

Can You Sell Your Home Yourself... the important questions you need to ask.

Ten Steps to Selling Your Home... find out the most important steps in planning the sale of your home.

Pricing Your House Right... determining your "asking price" is the most important step in preparing your house for sale.

How Does Assessed Value Relate to the Market Value of Your Home? ... find out the difference between the two.

What is the MLS... one of the most important tools used for selling your home.

Preparing Your Home for Sale... selling your home faster and for a potentially higher price.

Documents You Will See When Selling Your Home... understanding all of the paper work.

Closing Costs... don't forget about closing costs when you are selling your home.

 

Lisa MacIntosh Team - Personal Real Estate Corporation - Dexter Associates Realty
Phone: 604-263-1144 Fax: 604-263-6699 website: www.lisamacintosh.com
Medallion Club Member -
Top 10% of Realtors in Greater Vancouver
email: Lisa MacIntosh Copyright © 2017. All rights reserved.

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