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How Do I Know What My Home is Worth?

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If you are considering selling your home, the most fundamental step in the process is to properly determine and understand what your current property is worth. Many factors come into play when you consider what you should sell your home for, and why. It is one of the biggest decisions you will make, and usually a big determining factor on the price range for your next home.

When looking at your home’s assessed value, keep in mind that elements such as neighbouring areas and home improvements are sometimes missed when collecting data for the BC Assessment, and these are the features which make all the difference when it comes to your homes actual current market value. As the BC Property Assessment is filed annually in July, it is often out of date with the current housing market and can often be misleading should the market have taken a downturn or have rapid growth.

RennieBlog_Inline_302 53 West Hastings Street_PhotoCredit_Derek Kai302 53 W Hastings Street, Vancouver, Derek Kai

This issue can not only be problematic information when calculating upon your property assessment, it can be harmful to engage with other buyers or purchasers as incorrect opinions can make for inaccurate assumptions. To obtain proper and correct information, your best course of action is to work with a Realtor.

Working with an agent will provide a seamless and informative experience. Realtors are fully immersed in the real estate field and are tackling this same issue for their clients daily. Their market insight means they are consistently gathering relevant and helpful information on developments in the industry. Since they have access to the MLS search engine, they are also able to collect the appropriate data necessary when comparing similar home renovation updates, neighbourhood sold or selling prices, and other mirroring criteria price points.
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A Realtor guarantees that you are exploring all searches to include specific metrics that correlate directly with your home and neighbourhood. A Realtor should suggest ordering a marketing appraisal. Combined together, obtaining a Realtor’s professional feedback and a market value appraisal will offer you valuable information and a clearer understanding of what the price tag on your home really is.

Looking for a home evaluation? Our Rennie Advisors specialize in every neighbourhood across the Lower Mainland. View our advisors here or contact us at info@rennie.com.

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