January 14, 2020

Is your home worth more than it's assessed value?

Searching for homes on Realtylink, you may notice their list price may be different than the value assessed by BC Assessment (BCA)

Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location, number of bedrooms, construction quality, floor level, and garage or parking stalls.

Where every lot and every home on a street are typically the same, both BCA’s value and a Realtor’s value may be similar during stable market conditions.

Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet considered.

As well, the assessment notices property owners received in the first week of January reflects the market value as of the previous July. Market conditions can change significantly over six months.

How does a Realtor assess the right price for a home?

Realtors have access to information from various sources to help establish market value. When retained to advise on pricing questions, Realtors can:

  • review the stated value on your current BC Assessment Property Notice
  • review recent sales and current listings history for properties like yours
  • do on-site inspections, examining the exterior and interior of your property in detail, noting new features that could affect the property’s value
  • give you information about the current economy and how it may have affected the value of your property e.g. an improving economy may mean rising prices, while a declining economy may mean falling prices

Based on this information, your Realtor can provide an estimate of the value of a home and then, together, you can establish an appropriate asking price.

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