Property Assessments vs. Market Value

With the start of the new year comes the roll out of Property Assessments in most of the country. In British Columbia, these are referred to as the BC Assessment.

Many people have been calling in and quoting their assessed value as their true value of their property.

Do not rely on your BC assessment for a fair market value of your property.

This “assessed” value was determined last July, and your local market may have changed since then.

Do not rely entirely on a buyer’s opinion or a seller’s opinion in a private transaction to determine fair market value.

Do not rely entirely on your neighbours’, friends’, or family members’ opinions for fair market value.

Do consider ordering a marketing appraisal, but do not rely on it 100%… OK maybe 98% on this one though.

Do consider an evaluation by an experienced, active, local Realtor or two, or three. These opinions mixed with a marketing appraisal are the best indicator(s) of a fair market value.

Ignore general media opinions, and ignore opinions of armchair experts. Always speak with people who have their feet on the ground and their heads in the game – the real experts.

For a longer read on this topic, click here.