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Marc LaCouvee 679 Memorial Avenue Qualicum Beach, BC
Phone: 250-752-6926 Mobile: 250-228-3428 Fax: 250-752-9180 Email Marc

Recognizing Your Home's Value (Feb 2011) - page 1 of 2


Look for Marc LaCouvée's monthly article in every edition of The Beacon Magazine (www.eyesonbc.com)!

RECOGNIZING YOUR HOME'S VALUE - TAX ASSESSMENT vs. COMPARATIVE MARKET ANALYSIS

It’s that time of year again - property tax assessments have arrived in the mail.  Most of us have some anticipation for our latest assessment report but also secretly dread what the numbers will be.  Many will wonder how the assessment value of our home relates to its actual value in the market – i.e. what it would sell for today. The assessment number does have value and relevance but this is only a starting point in determining the actual market value of your home.

If you are planning on refinancing, selling or buying you will need to know what the true market numbers are for your home or the homes you are thinking about.  Take advantage of the expertise of your local real estate professional and request a comparative market analysis (CMA).  This is an incredible tool, almost always offered by REALTORS® at no cost, to estimate the value of your home by comparing “apples to apples”.

Since the market value of a home is determined by what a buyer is willing, able and prepared to pay, a CMA is used to calculate market value by comparing your home or your potential home to similar properties that have recently been sold in the area. In formulating your CMA, your REALTOR® will also examine “expired” listings. These are listings that did NOT sell during the listing period and are usually a good indication of the market’s upper end. If a home doesn’t sell during the listing period, it is likely that is was priced too high for the market.

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