Now that you’ve had some time to look over your 2018 property assessments, you may be curious as to how that compares to your properties actual market value. We wanted to outline some differences in assessed value and market value and offer an opportunity for us to give you an idea of what your home would actually fetch if it went on the market today!
Why Market Value and Assessed Value Differ:
BC assessment, when establishing the market value for a particular property, considers each property’s unique characteristics. These are the same characteristics that a home purchaser would consider, including size, layout, shape, age, finish, quality, number of carports, garages, sundecks and condition of buildings. Services in the area, location, views and neighborhood may also influence a property’s market value. (bcassessment.ca). HOWEVER, BC Assessment doesn’t actually set foot in your home, nor do they always drive by your property or seek input from the property owners as to the condition of their home. So, if you’ve done any updates to your home since you last purchased it, they will not be taken in to account. Secondly, BC Assessment does use area market data as part of their determination of assessment, but in markets such as the Sunshine Coast where properties in any given neighborhood can be quite diverse, a number of other factors need to be taken in to account. It requires an area expert to recognize those different factors and give a more accurate valuation of your home. Lastly, the 2018 property assessments were actually done in July of 2017 and published in January of this year, so in a rising market your assessment is out of date based on market fluctuation alone. If prices have gone up since July, they won’t be accounted for. When we do a CMA (Comparative Market Analysis) we use current market data and compare your home against sold and active listings in your neighborhood and similar neighborhoods. As established realtors we also have the intricate knowledge of the homes and market factors in your area that may drastically affect the market value of your home vs assessment. This helps us give you a more accurate idea of what your home would sell for in today’s market.
If you’re interested in finding out the ACTUAL MARKET VALUE of your home, take 60 seconds to fill out our valuation form tool and one of our REALTORS© will send you a personalized home value report with what your home might be worth.
(Disclaimer: This is not an automated tool. We recommend you be weary of automated home valuation tools used by some brokerages, as they can be inaccurate for the same reasons as above.)