How Much is Your Home Really Worth?

In January this year we received our BC Property Assessment notice. You were either pleasantly surprised or absolutely horrified depending on your situation. Many of us in the Kootenay Boundary area have had a significant increase in our assessed value. In fact, a 33% increase on average from 2021 according to BC Assessment News (reference, click here). A common question I get when doing comparative market analysis on a property is “why is this number so much higher (or lower as the case may be) than my BC Property Assessment?”. 

Assessed Value vs Market Value

There can be a major difference between an assessed value of your property and an appraised market value. BC assessment provides a value for the government to determine property tax amounts. The appraisers are not able to visit each property individually, so they have to rely on the general property characteristics. Some of the characteristics used for calculation are: the location, the size of the property, the size of the lot, view from the home, the property age, any home additions such as a deck, and the sales’ prices from similar homes in your area.

In contrast, the appraised market value considers the location of your property, it’s proximity to transportation routes and amenities, the age of the property, the size of the lot, the lot’s capacity to have future builds, the size of your home’s interior, your home’s layout, whether there are carports or garages, any renovations that impact the home’s value such as appliance upgrades, and whether it is a buyer’s market or a seller’s market. A Realtor also considers current demand and supply, the comparable sales in the area within the last three months and how well the Realtor markets the property, in other words, how much exposure it gets.

Main Differences

In summary, the main differences between an assessed value and fair market value are:

  1. Physical Visit: BC Assessment is typically not visiting your property, they are pulling data from a number of properties within your area and doing calculations. An appraiser or Realtor is physically present in your home and experiences it firsthand. This can make a huge difference.
  2. Number of Factors: A Realtor takes into account a lot more factors than BC Assessment. The evaluation that a Realtor does is much more comprehensive. She physically examines the space and landscape and takes into consideration the psychological factors of the potential Buyers.
  3. Current Trends: A lot can change in 6 months. What might have been true about the property when BC Assessment did their calculations, may not be true in 6 months. A Realtor is working with current factors and doing a real-time evaluation.

It is challenging to see the fluctuations in your home’s value, especially if it has decreased. The best thing to do if you really want to see how much your home could sell for in the current real estate market is to have a Realtor do a tour and market evaluation. 

Find Out How Much Your Home is Worth

If you’re curious about what your home could sell for, feel free to call, text or email me for a free, no pressure, no obligation market evaluation

250.443.9088

jazz@propertiesgf.com

I will be happy to help.

(References: click here.)

 

 

Giving Back

As a family we have spent many hours with our daughter at BC Children’s Hospital in Vancouver. I am so proud to be part of a team that gives back to something, that we as a family had the privilege of using. For every transaction I do, I donate a portion, to our local Children’s Miracle Network Hospital. 

City Of Grand Forks

Grand Forks and Christina Lake BC are amazing places to live. Let me tell you why.

Grand Forks BC

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The City of Grand Forks BC has a population of 4,126 so it is a smaller town yet it doesn’t feel that way. It has all the conveniences you will need. We have a local Hospital and a small airport. If you do need anything extra we are very central to many other larger City’s with Big Box stores, only an hour away.

Grand Forks BC Information

The weather is amazing! Coming from Vancouver BC originally, I love the warm summers and snowy winters. There is endless out door activities to do less then 10 minutes from your home.

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Skiing at the best little ski hill in BC. Phoenix Mountain. No where else can you ski with your family and friends for such an amazing rate.

Phoenix Mountain Information

Christina Lake BC

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Christina Lake BC has a population 1,435. It is a resort town best known for beautiful  sunny summers and  the warmest tree-lined lake in Canada. The lake life is fantastic. Being only 15 minutes from Grand Forks BC It is a special paradise. There are many walking trails, golf  and the provincial park is a great camping spot.

Christina Lake BC Information

 

This is just a small taste of what our community has to offer. You’ll love it here just as much as I do. Come for a visit!

 

Welcome, who is Jazz McPherson?

Jazz McPherson is a Real Estate Agent in Grand Forks BC who is devoted to creating exceptional Real Estate experiences for her clients through the dedicated delivery of true customer service and personalized attention. “Serving you with the integrity and class you deserve”. Whether you are buying or selling, she understands the process can often be challenging and complicated. Jazz focuses on taking the pressure off you, so you can make clear and concise decisions throughout the process. Ultimately, a “successful sale” is her main goal and she utilizes her expertise to make that happen for you.

Jazz has a diverse background from Real Estate, marketing, customer relations and many years of practical knowledge which she uses to guarantee that your decisions are made with information and confidence.
Clients choose to work with Jazz for her full-service, ethics, experience, and expertise. Her strong base of loyal repeat customers is the reason why Jazz has been so successful. Jazz prides herself on giving all of her clients, both individual and institutional, the most precise and up-to-date feedback on the state of the market, market trends, and comparable sales and property values; and providing clients with a realistic outlook on what they can expect to achieve in today’s market.

When buying a home, you’re bound to have many questions, Jazz McPherson is here to help you, feel free to contact her anytime.
“I look forward to doing business with you” Jazz McPherson

Email jazz@propertiesgf.com

Phone 250-443-9088