Calculating the Value of Your Condo in Vancouver
In Episode 2 of How to Sell Your Condo in Vancouver, we discussed the importance of speaking to an accountant to see if any taxes are payable on the sale proceeds of your condo. Once all the tax and mortgage penalties are settled, its time to find out what your Vancouver condo is worth!
Whats Your Vancouver Condo Worth?
Condos are both investments and homes in Vancouver and their market value is constantly changing. It is absolutely imperative to have a clear idea of what your property is worth when you want to sell it, so you know how to price it and be prepared to negotiate offers when they come in.
How a Condo’s Value is Calculated
To calculate the value of Condos in Vancouver, I use a process called Comparative Market Analysis. (For a detailed explanation of Comparative Market Analysis, check out the link to the left)
Here’s a brief synopsis of how I do it:
- Visit the Property! – When I do a Comparative Market Analysis, before I do ANYTHING, I physically visit and look over the the property I am analyzing. I believe it is IMPOSSIBLE to accurately calculate the value of a condo in Vancouver with out seeing it.
- Find Good Comps – I gather a selection of properties located near the property in question that are comparable (referred to as “Comps”) ie that are similar to the property being analyzed based on criteria like square footage, type of construction, number of bedrooms, age, location, exposure, etc.
- Analyze the Active & Sold Comps – I use two types of comps, sold listings and active listings. If the market is booming, the prices of the active comps are more relevant. In a slowly rising, stable, or falling market the sold prices of the sold comps are more relevant. I then take this data and relate it to whats happening in the real estate market as well as my experience and specific knowledge of the building and come up with a price range (in some cases an exact price where the data warrants it) based on the comps.
- Present the Data and Findings - Once I have the analysis completed, I email the client ALL the data I used for the analysis. I do this because I believe it is important for a prospective Seller to understand exactly what I am basing my recommendation on and also so that they will be prepared for the negotiations once an offer comes in. Once I email the data, I present the price.
If you’re interested to know what your property is worth, feel free to contact me at any time.
CALL 604-763-3136 or Click HERE for a FREE MARKET EVALUATION!
Stay tuned for the next episode where we discuss pricing strategies for selling your condo in Vancouver.
Looking for Vancouver Presales? Check out this great list of Presale Condos!
Buying for the First Time? Have a look at these Informative Videos for First Time Buyers in Vancouver!