It is important to note that In British Columbia, property assessments, typically mailed in January, reflect market values effective July 1 of the preceding year.

In general terms, market value is the price expected if a reasonable amount of time is allowed to find a purchaser and if both seller and prospective buyer are fully informed. For assessment purposes in British Columbia, market value is the most probable price that an unencumbered property would sell for on the open market on July 1st.

The annual assessment process is often a confusing one for many commercial and residential property owners.  Typically there is a difference between the property value assessment on the assessment notice and the current market value as determined by a REALTOR®.

This difference is a result of two factors.  The first factor involved BCA’s mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighborhood or for units in a strata complex and then applies the information to arrive at an assessed value.  This information is typically obtained from MLS sales, NOT by visiting the properties in question.  The variables BCA uses to calculate this value include house type, square footage, age, heating, property classification or use, and additions or demolitions of features such as garages, sheds, pools and spas.

The second factor depends on the time at which a property is assessed.  Normally, a 2013 assessment notice is BCA’s estimate of a property’s market value as of July 1, 2012, whereas a REALTOR®’s market value reflects the current state of the market, not the market six months ago.

“Market value assessment” is widely considered to be the fairest system for distributing the property tax burden.  As the real estate market can change very quickly, depending on an historical assessment (July assessment for next year’s tax purposes) expecting Assessed Value to be an accurate indicator of market value can be erroneous.

For those of you who are considering the sale of your home this year, or for your "future reference" file, we thought we would pass on some tips about making needed repairs before putting your home on the market.

A home in move-in condition makes selling a home as quickly as possible, for the maximum price much easier.  We cannot say enough about how a clean, uncluttered home in "showable" condition has made a difference in the amount of time on market and the price attained.

Many of todays prospective homebuyers have busy lifestyles and are looking for properties that don't require a lot of work. Homeowners should be proactive by making (often minor) needed repairs before listing their property.

Inspect both inside and outside the home. Take inventory of practical and aesthetic repairs. You may want to apply a fresh coat of paint on the walls, doors, and trim.  Clean the carpets and/or buff and polish wooden floors.  Tighten and polish hardware. Repair cracks in sidewalks and driveways, and clean any stains on them.  Replace missing or warped roofing.  Clean or re-grout kitchen and bathrooms.  Repair dripping faucets and drains or plumbing fixtures that aren't operating; powerwash the exterior depending on time of year.

Fix sticking doors and replace old locks and doorknobs.  Replace burned-out bulbs and broken electrical sockets. Replace cracked windows and torn screens.  Repair broken fencing and reseal the deck.  Clean up stains on the tiles and countertops.

Remove as much personal and day-to-day clutter as possible, and store neatly.  Invest in some Rubbermaid containers!  As a bonus this will make your ultimate move that much easier.

Depending on your goals and budget, you may want to repair only items that could cause significant deterioration to the home, such as a leak.  In addition, local market conditions may dictate how extensive repairs need to be.  Let your budget and us, as your real estate professionals guide you.

However, be careful about fixing up too much.  Sellers rarely recoup money on major remodeling projects.  Visit the CMHC site at  link for some samples reports on Cost vs. Value.

A home in good condition demonstrates pride of ownership.  Taking the time to make small repairs to your home can go a long way in making sure that your home is presented to potential buyers in its best possible light.  They also just might make the sale.

We would be delighted to speak to you about this, or any other real estate related matter.  We are looking forward to another very busy year !  Call us anythime at 604-984-7253.

THE BOTTO TEAM

Happy New Year to one and all !  

Our very best wishes to you and yours for 2013.  Is there a move in your future ?  We know the importance of maintaining a positive attitude.  In fact, it's probably the biggest reason we have been so successful in the real estate industry.  If you or someone you know is thinking of selling or buying a home, call us today !  We are POSITIVE we can help !  Call us at 984-SALE (7253).  Impressive results guaranteed !