Every property seller wants to get the most dollar value for their property. But before we get to the details of how, lets define and differentiate Market Value, Tax Assessed Value and Appraised Value.
Tax Assessed Value of the property is the annual tax appraisal from the local municipal. This assessment is not definitive toward how much a property worth as it is not as detailed appraisal of what the house has to offer. The assessed tax value is usually based on the market growth, municipal property value index, local school and public tax, the last purchase amount and many other factors that are not directly related to what the property offers. Therefore, Home sellers should never price their home based on this value. In addition it is a value that is based on July of the last year and is displayed and gets sent to homeowners first of January. Which, this value is not responsive toward market change from July to January.
Appraised Value is a financial institution value set of the property based on the surrounding home sold within the same market. There is no detailed inspection of the property and the sole purpose is to estimate the financing target.
Market Value is a value where the sellers need to target their home pricing. As Vancouver REALTOR®, we take extra measure to price the properties correctly in many different ways. Other than looking to Comparable sold with the same market and interest rate, we also evaluate the property in detail in many other ways. Just a couple of short examples are below but are not limited to:
A) HPI (Home Price Index) This a great tool provided by the Canadian Real Estate Association, for all home index pricing that tells us from when the sellers purchased to the current time, how many points the property has changed and ultimately it can be calculated to percentage where we get the estimated current value.
B) In addition to HPI we also estimate all the home improvement done that increases the value of the property. Extensive renovation and remodeling can extensively increase the property value.
Now that we know the price which will determine what buyers pay for, let’s go back to our original question:
How do you get more $ for your property?
The value to determined is in the dollar per square footage. The key is to show the flow of the existing square footage by clearing clutters. Clutters include furniture and decoration. A clean and organize home makes the buyer realize its true potential.
- Expose the property
Be available. This is important to make the home easy to show. Open Houses are a great example for this. As a Seller, take pride in showing your house and make it easily available.
This stage is quite important. Let the buyers see themselves and their family in every corner of the property. Remove any personalized items. Family pictures, travel collections, personalized décor are amongst these categories. For that period a potential buyer views your house, let them feel it is their home for that moment.
- Small repairs
As an award winning REALTOR®, I always advise my clients to prepare their property prior to list it. One of the most highlighted items in the list is repair and maintenance. It is crucial to remedy all the obvious and eye sores. Fresh paint, fixing holes, landscape, oiling door hinges are simple fixes that goes a long way. The rest of repairs can be obtained through a pre-inspection.
Many Sellers are surprised when we point this item on the list. Although it is the buyer’s responsibility to investigate anything about the property, as a Seller, there shouldn’t be any surprises. When Sellers do inspection, they know what’s on their list of repairs and this will
A) Price the home accordingly if no budget to fix
B) Confidence in Negotiation
C) Confidence in buyers to present stronger offer with less conditions
The above, is a short list of services that can add additional value to the Sellers property to get higher dollar. I always work with a team of professionals in my field. Ready to know the value of your property in this market? Call me today and let’s discover the top value your property offers to the vast pool of buyers