“What’s my Coal Harbour Condo Value in 2019?” is a question many Sellers will be asking themselves after the New Year’s Party. There is no better way to find out the value of your most valuable assets other than contacting a trusted and licensed Coal Harbour Realtor. Click here to learn how to find a Coal Harbour Realtor to help you sell a home.
After you found the Realtor, the next important step is establishing a selling price or “listing price”. Among Realtors, there is no predefined way in calculating the condo value. Everyone does things differently. In my view, establishing the Coal Harbour Condo Value in 2019 is a multi-prong approach that involves looking at various sources. Here’s how I prepare the Home Value Report to let my clients know their Coal Harbour Condo Value in 2019.
Look at the BC Property Assessment 2018
To start, I usually begin by taking a look at the Seller’s BC Property Tax Assessment for 2018.
British Columbia Assessment, commonly known as BC Assessment is a publicly owned Crown Corporation in BC, Canada. In 1974 the BC government created BC Assessment because the government needed an independent assessment agency. BC Assessment estimates the value of most homes as of July 1 each year. The BC Assessment provides accurate property value information to tax authorities, property owners, municipal, provincial and federal government agencies. Click here to learn how BC Assessment assesses properties.
I look at the Tax Assessment because I wanted to get a sense of what is the recent sale price compared to the tax assessment. For example, if I look at recent sales history in Coal Harbour and I found out that the recent sales are on average 2-5% above or below tax assessment value, I have a good starting point in determining the Seller’s condo value.
Review the Real Estate Board of Greater Vancouver Stats Package
Afterward, I review the most recent Monthly Statistical Reports from the Real Estate Board of Greater Vancouver. The monthly statistical reports provide the most recent real estate sales history. The report provides market highlights including detached, townhouse, and apartment benchmark price, active listings, sales, and average days on market.
The report also breaks down key statistics from the various cities. Through the report, I learn the Benchmark Price for Apartment in Vancouver West for the last 1, 3, 6 months, and 1, 3, 5, 10 years. From reviewing the Monthly Statistical Reports, I can further refine my Coal Harbour Condo Value.
Review the Neighbourhood Real Estate Market Statistics
In addition to looking at the citywide Macro Price Trends, I’ll also take a look at the Neighbourhood specific (Sub-area) within the city. This is an important step because the statistics from the Monthly Statistical Reports does not break down the sales history by neighbourhood (Sub-area).
If I only look at the sales history for Vancouver West, my evaluation is inaccurate. This is because, Vancouver West is a large area covering many neighbourhoods in the city, including Coal Harbour, Yaletown, West End, Downtown, etc. The average condo building age in West End is older than that of Coal Harbour. If I don’t take that into consideration, it is very easy to overvalue or undervalue a property. To help me understand the neighbourhood sales history, I review neighbourhood specific statistics from REBGV. Some of these statistics are available to Realtor only. Please contact me if you wish to receive a copy of neighbourhood specifics Realtor Report.
Active Coal Harbour Condos for Sale Listings on MLS
The next step in determining the Seller’s Coal Harbour Condo Value in 2019 is to look at the active listings of Coal Harbour Condos for sale. Looking at the active listings I can get a good sense of how much other sellers are asking for their property. Are Coal Harbour home sellers asking very high sale price in comparison to tax assessment value? What is the average Coal Harbour 1 Bedroom, 2 Bedroom, 3 Bedroom listing price? See below Coal Harbour Condo Average Price Per Square Foot – By Bedrooms.
Sold Coal Harbour Condos for Sale Listings on MLS
I also look at the Coal Harbour Condos sold price for the last 3 to 6 months. In my research, I usually look for comparable sales for the last 3 to 6 months. For example, if a Seller owns a condo in Coal Harbour that has 3 Bedrooms, 2 Bathrooms, 1,500 sqft, and in a 20 years old building, I start by looking at the recently sold properties in the same building. If I can’t find any good comparable property, I expanded my search to look at other 3 Bedrooms, 2 Bathrooms, 1,500 sqft, 20 years old building in Coal Harbour area.
Usually, by this time, I can find several good comparable properties to use as a benchmark to evaluate a Seller’s condo. Besides just looking at the sold properties, I also need to take into consideration other important factors that influence the price of a condo. The factors that affected home evaluation included: total area, the age of the building, parking, locker, exposure, strata fee, amenities, location, etc. The list can go on forever.
Expired Coal Harbour Listings on MLS
Besides looking at Active and Sold sales, I also review the Expired Coal Harbour Listings on MLS. Why review the expired listings when it didn’t sell? How is looking at expired listings further help me to refine the home value?
The reason is that the expired listings give us a good idea what is not selling. We look at the expired listings because we wanted to know what price Buyer is prepared to pay. This insight helps me and the Seller in determining a market price that will sell.
Meet the Seller and Visit the Property
The research I have done before meeting the Seller gives me a good idea of the Seller’s home value. However, nothing beats looking at the property for myself and making the final adjustment on my home value report.
Without looking at the Seller’s property in person, I would not know the condition of the property. I don’t know that the carpet is all scratched up by the cat. And the wall might need a fresh coat of paint. I told many sellers that called me before I can’t give an accurate Home Value Report without seeing the property.
Understand Sellers’ Motivation
Lastly, another crucial step in coming up with Seller’s Coal Harbour Condo Value in 2019 is to understand Seller’s motivation. In my meeting with the Seller, I usually wanted to know “why do you need to sell?” and “how soon do you need to sell?”
Seller and I could both agree that the fair market value for his Coal Harbour Condo is $2,000,000 However if the Seller told me that he needed to sell within 3 months because he needed to move to Ontario in 3 months for his new job. I might suggest to the Seller to reduce the listing price in order to get a quick sale.
Coming up with appropriate Coal Harbour Condo Value in 2019 is not as easy as many Sellers realized. It takes years of experiences and extensive research. If you like to know how much your Coal Harbour Condo value in 2019, please give me a call at 778-991-0649.