portable mortgage

Property Assessments vs. Market Value

This topic seems to be coming up a lot of late, with Appraisal values seeming to be coming in about 10% lighter than they were compared to a year ago.

The same Rules apply:

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

The number on your assessment was determined last July, your local market may have changed since then.

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

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

What you should consider doing in order to determine the fair market value of your property is order a marketing appraisal, but do not rely on it 100%… OK maybe 98% on this one though.

You should also be able to 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 of a property.

There is a longer version which you can click here to access