Home assessment may not affect re-sale value
Posted January 3, 2013 11:55 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – As we told you yesterday, your property assessment is now in the mail. But how much value does it really carry when it comes to buying and selling a home?
The assessment is mainly for homeowners to know where they sit, in terms of equity.
With the Assessment Authority reporting a drop in home values, first-time home buyers will cash in on a much cheaper price. But, Cameron Muir with the BC Real Estate Association says tends to evens out for someone who already has property, as they go from a lower-valued home to another.
Muir adds things in 2013 will stay pretty stable.
“Depending upon on what neighbourhood or community you’re in, you may be up a couple of per cent or down a couple of per cent. The year of 2013 will likely see a little more sales activity and prices will be relatively flat.”
He reminds us the assessment you see is what your property was worth in July of the previous year.
“It’s kind of high-level trend analysis, in terms of where they’re pricing is going. If you’re looking for what your value is in your home today, then you’re probably best talking to your local realtor,” he advises.
Remember, a lot can change year-over-year; home sales in the Vancouver area for December dropped more than 30 per cent compared to a year ago, according to the Real Estate Board of Greater Vancouver.
