Why is the Assessed Value not the same as the Listing Price of a home?



It used to be that the Assessment Value the government put on your house for tax purposes was nowhere near what the actual value of the home was, almost always lower. However in the effort to raise more taxes, the government has upped their game considerably and now the Assessed Value and the Market Value are much closer. Often we still see some pretty large differences however and that can be for a number of reasons. Markets can heat up quite quickly, causing the price of homes to increase to a value well over the last Assessed Value. Sellers are happy and Buyers have second thoughts about their offer. Conversely, when markets cool off for a prolonged period, the listing price of a house will likely be lower than the last Assessed Value and potential buyers will be asking, "why is it so cheap". Another reason why a house may be listed higher than the Assessed Value is if there have been renovations done on the house that the Assessment Board is not aware of, this is not unusual and the assessment will likely reflect the changes the next time the house is inspected by the Assessment Board. 

In any case, whether selling or buying, its always a good idea to have a qualified professional value the property.



What should I do to prepare my house for sale?



Staging your home so that it looks it's best is very important for the successful sale of your home. The first thing I would recommend is that you gather up all of your unwanted stuff that has accumulated over the years and have a garage sale. Then a trip to the Sally Ann with good donations, and finally  to the dump for anything else that didn't sell or has no value. Once that is done, clean up the yard and mow the lawn. Inside, get out the paint and do some touch ups on the wall dings and generally try to freshen up the overall look without getting to carried away with the paint.

Put away any personal stuff that's lying around such as cloths and toys, and make sure the counter tops are uncluttered. Generally the idea is to stage your house so that  it looks like a hotel room. When the potential buyer comes inside and looks around, they can envision their stuff in the house instead of competing with yours.

Finally, make sure your house smells fresh, first impressions are everything and a foul smell will set a negative tone for the rest of the viewing.

No matter what the price, the best showings are houses where there is visible pride of ownership by the homeowner.

Spencer Thompson

Spencer Thompson

CENTURY 21 Executives Realty Ltd.
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