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 investigated, its time to find out what your Vancouver condo is worth!
What is 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.
Want to know what your condo in Vancouver is worth? That’s where I can help.
CALL 604-763-3136 or Click HERE for a FREE MARKET EVALUATION!
How is a Condo’s Value 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 property I am analyzing. I believe it is IMPOSSIBLE to accurately calculate the value of a condo in Vancouver without seeing it.
- Find Good Comps – I gather a selection of properties located near the property in question that is 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 what’s 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 (Typically in a dropbox folder) . 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. I also like to keep the property value confidential to ensure that a sellers pricing strategy can be as successful as possible.
If you’re interested to know what your property is worth, feel free to contact me at any time.
Be Sure to Check out Episode 4 where we discuss pricing strategies for selling your condo in Vancouver.
I STRONGLY encourage comments below!