Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but may instead have multiple buyers fighting with each other over the house.

HGTV gives this advice:

“First impressions are everything when selling your home. Studies have shown that the first two weeks on the market are the most crucial to your success. During these initial days, your home will be exposed to all active buyers.

If your price is perceived as too high, you will quickly lose this initial audience and find yourself relying only on the trickle of new buyers entering the market each day. Markets are dynamic, and your price has an expiration date. You have one chance to grab attention. Make sure your pricing helps you stand out on the shelf — in a positive way.”

2. Use a Real Estate Professional

Some sellers may believe that he or she will make more money without having to pay a real estate commission, but studies have shown that homes typically sell for more money when handled by a real estate professional.

Research by the National Association of Realtors (USA)  in their 2018 Profile of Home Buyers and Sellers revealed that, “the median selling price for all FSBO homes was $200,000 last year. However, homes that were sold with the assistance of an agent had a median selling price of $264,900 – nearly $65,000 more for the typical home sale.”  This translates to the Canadian Market as well.  

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the money you get for your house.  

Whether buying or selling, you’re involved in an intricate process requiring many specialists. One of these specialists might be a REALTOR®, who’s responsible for and comitted to making the transaction as easy as possible for you!

Here We Go Again -

By now you should have received your 2019 Assessment Notice.

Here are the things to know about your assessment -

Your Assessment is BCA's estimate of your property’s value as of July 1, 2018, and for new construction or substantially renovated homes, the physical condition as of October 31, 2018.

BCA’s assessment and a REALTOR’S® assessment. Why the difference?

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 such as on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.

The main difference is the time the assessment is made.  BC Assessment's value is as of July 1 of the preceding year.  So, their valuation could be vastly different from current market value.

For property tax purposes only

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction, and BC Assessment is the most equitable way of allocating taxes across the over 2 Million properties in the BCA Database.

When you view your assessment

Property owners can look up their assessment details on BCA's e-valueBC website.

If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form.

Deadline to appeal assessment is January 31, 2019

Disagree with your assessment?   Do some homework first! 

• Compare your assessment with neighbouring properties;
• Contact BCA at 1-866-valueBC (1-866-825-8322) and talk to staff who can make adjustments if there's an obvious error, for example if BCA included a complete renovation when there was merely a spruce-up.
• Review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. (Step 7)
• And, you can always call us for an up to date market evaluation of your home !  We are here to help.  604-984-7253