Assessed Value vs Market Value

In January you received the Assessed Value notice for your home, but do you know the Market Value of your home? Are you wondering about the difference?

Assessed Value -The dollar value assigned to a property for purposes of measuring applicable taxes. This number is what the government thought your home was worth as of July 1st last year!      

Can you afford to rely on this number when selling? Do you think your home can accurately be evaluated without the appraiser ever seeing the inside?  

Market Value - The most probable price as of a specific date (the date of sale) that a property with all its rights should sell for after reasonable exposure to buyers in a competitive market with the sellers under no undue duress (meaning the sellers aren't forced to sell). 

One of the most important factors in the preparing to sell your home is knowing the market value. We constantly see homes sell for more than the assessed value and at times we've seen homes sell for less. There are also instances where they sell close to the assessed value.

The point is that each home and neighbourhood is unique and you shouldn't just rely on the assessed value notice. The Lower Mainland market is very fast paced and changing constantly. We invite you to ask us what your home is worth in today's market. 

Manny & Meena Grewal