What is the difference in market versus assessment value. What are the calculations based on? In a hot market, like we are in now, these values can look vastly different. Let’s take a look the bases of market value versus assessment value.
Original Bathroom
Assessment Value
The assessment is taken in July of the previous year. This assessment will be used by the City to determine your taxes and is a generalization.
Property size
View
Additions
Location
Age of property
Sales prices from homes in your area
Updated and maintained.
Market Value
Lot size, is the lot flat, on a flood plain, on a rocky mountain?
Property size, number of bedrooms, bathrooms, floor plan
View, is the home looking at industrial park or a beautiful view of the city
Locations, it is a desirable location, easy access to transit, freeways, highways
Age of property, new, old, update, regular maintenance
Sales of homes comparable in your area from the past 3 months
New, roof, air conditioning, hot water tank, appliances
Market value assessment is much more specific and current. The trends and sales of comparable houses in the area during the past 3 months are used. Based on this the value can be quite different than the assessment value.
Example
Looking at two houses both the same age, neighborhood, square footage, floor plan, and lot size. Now, the first has not even maintained the lot, or the home itself. And the second house, immaculate lot, home is well maintained, updates in kitchen and bathrooms, new flooring throughout, new upgraded appliances.
The assessed value these two properties would be similar. And market value on the other hand, would see them very differently. Market Value is ever changing. And for that reason, when buying or selling your home talk to your Realtor. They can do a Market Assessment for you. Having access to the most up to date information is crucial when buying or selling a home. Never go it alone!
Buying and Selling your home is likely one of the largest transactions of your life! Make sure you find a Realtor that is not only right for you, but right for the job! These are the 10 things to look for in a Realtor. An active listener • Does the agent listen to you or monopolize the conversation? • Bears in mind your wants and needs. • You feel that the agents ‘gets’ what you are looking for.
Good references or referrals • Ask for references, they should come prepared and have referrals available to you. • Past clients are the best reference, especially in the area that you are looking. • Where they referred by a friend or family member? Ask about them about other 9 points on this list.
Honesty • Speaking with you is the agent straight forward?
• Has no problem telling you something that you don’t want to hear.
Passion • Is the agent aware of market trends? • Informed of current market for the area you are in. • Is your agent finding listings for you before you are?
Negotiation Skills • Negotiation skills are essential for knowing how to list your home, keeping in mind future negotiations. • Acquainted with the agents in the area and how to best negotiate with them. • Being able to read and place an offer based on the sellers situation.
Support • Does the agent answer your questions and concerns? • Do they to get back to you in a reasonable time frame? • Are they able to recommend a notary or other services that you will require? Effective Communication • How does your agent speak to you and other people? • Being able to communicate clearly is important. When you are at the negotiation table, confusion is the last thing you need.
Strong Online Presence • Where are the agents listings posted online? • Is the website up to date and relevant. • Take a look at their previous listings, Get an idea how your home will be sold.
Decisions Based on Data • What knowledge of the immediate market does the agent have (changes in market can happen quickly). • Are they able back up their knowledge with hard data? • How well does the agent know the community that you are looking to buy or sell in? Can he immediately recognize where the street is, how busy, or if it is an area that you want to avoid.
Experience • Has experience with other agents and their negotiation style is an advantage. • Being an expert in the community that the agent buys and sells in, comes with experience. • Knowledge of how to handle those odd situations.
Now that you have the knowledge of the 10 things to look for in a Realtor. You can feel more confident in your search for the perfect Realtor for you! www.rew.ca
