First time buyers

How do Winnipeg Property Assessment values compare to actual Market Value?

by Bo Kauffmann on May 16, 2012

After reading this, be sure to check out Winnipeg Home Finder

If you like this post, please click the +1 button just below this line

Property Assessment Values compared to Actual Market Value

: Image via WikipediCity Property Assessment Values

In a recent post, I explained how Market Value really has very little to do with City Property Assessment Value. That post can be found here.

To further prove the point, here are a couple of very different homes in similar neighbourhoods in East Kildonan.

City Property Assessment value: $184,000

Home #1: a 940 sq ft bungalow, built in 1955, and having very few upgrades. Original windows, older furnace and a semi-finished basement. 1 bathroom, original kitchen.

City Property Assessment value: $185,000

Home #2: 1060 sq ft bungalow, built in 1959. Upgrades include a newer furnace, windows, exterior, 2 bathrooms, and a fully finished rec room.

Although both homes had Property Assessment values which were nearly equal, they are very different homes. But don’t just take my word for that: Both were sold on the open market (thru REALTORS®) and the results prove my point: Home #1 sold for $200,000 while Home #2 sold for $225,000.

My Point? Don’t go by “City Property Assessment Value” when trying to determine the value of a house. Recently, a home buyer suggested that he could use this value to establish whether or not a home he was thinking of purchasing, was priced fairly. In order to determine a fair market value for your home (or the home you wish to purchase), you need to compare it to the real estate market…. because that’s all that matters. What are BUYERS willing to pay for this home?

To answer this question and find out just how much your home is worth, call me anytime. Also, if you’re looking to buy a house or condo, having access to accurate sold-prices is equally important to you as a Buyer. Property Assessment Values should be used sparingly, as a guide at best. Do me a favor? Share this on Facebook.

Bo 333-2202

Real Estate Headline News and Information(bokauffmann.com)
Real Estate Listing Agent: Top 7 Questions to ask your prospective Listing Agent(bokauffmann.com)

I hope you enjoy reading my blog. Go here to get a look at all available Remax House Listings, all available Remax Condo Listings and all available Remax Luxury Properties in Winnipeg. Please follow me on Twitter and visit my Facebook Fanpage. Google+ Profile About Me

Closing Costs involved in buying a house or condo!

May 10, 2012 A Vids

BRAC will cause hardships, expanded HAP could ...

When someone buys a house or condo, certain closing costs are required. These include legal fees, land titles transfer taxes, other taxes, insurance and moving costs. Here is a summary of these closing costs.

Read the full article →

Land Titles Transfer Tax is a financial burden on home buyers

May 8, 2012 A Vids

Land Titles Transfer Taxes in Manitoba are stunningly exorbitant. A $400,000 house will cost the new buyer a tax of $5720, while the same house in Saskatchewan will only cost around $1200.

Read the full article →

Buying a condominium? Should you work with your own REALTOR?

April 10, 2012 A Vids

Buying a Condominium? Work with a real estate agent who knows condos! . Winnipeg, like most other major cities, has literally hundreds of condo projects. Highrises, townhouses, stand-alone units….condos come in a variety of types, sizes and price ranges. But aside from the obvious differences in their style and locations, each condo is also unique [...]

Read the full article →

7 Reasons to buy a Condominium (Infographic)

March 28, 2012 Blog

Here are 7 good reasons to consider buying a condominium. While these are true in any market, they especially make sense in a hot real estate market such as Winnipeg.

Read the full article →

Home Buyers: Build good credit to ensure Mortgage Approval!

March 23, 2012 Blog

Build and Maintain good credit to ensure Mortgage approval . For most of us, buying a home means financing your purchase with a mortgage. Most often, getting a mortgage depends on your how good your credit score history. While most consumers know that they have a “credit rating,” not all know their scores or how [...]

Read the full article →

December 2011 Winnipeg Real Estate Market Update

December 2, 2011 Blog

Winnipeg Real Estate Market Update for December 2011 . Every month, I produce a Real Estate Market Update for Winnipeg’s real estate market. I’ve divided the housing market along 3 different price ranges, from ‘entry level’ homes (between $50,000 and $199,999), to ‘mid-range homes’ (between $200,000 and $399,999) and finally ‘luxury homes’ (above $400,000). This real estate market update [...]

Read the full article →

Real Estate Listings Abbreviations: Terminology explained

September 12, 2011 Blog

What do those abbreviations on the Keystone Matrix® real estate listings mean? . If you’re working with a REALTOR® in the search of a new home, most likely you are receiving MLS® real estate listings via the new Keystone Matrix® system. My buyers are always asking me to explain what some of the abbreviations on [...]

Read the full article →

Buyers of Winnipeg homes need some real protection!

July 25, 2011 Blog

Buyers of Winnipeg Homes need and deserve some real protection . Word has it that our governments are working on 2 changes which are (supposedly) going to protect buyers of Winnipeg Homes in this hot real estate market. The first change involves lengthening the condo-document clause from 48 hours to perhaps as long as 7 [...]

Read the full article →

Is Winnipeg changing into a real estate Buyers Market?

July 13, 2011 Blog

http://www.youtube.com/watch?v=aLHyYi1bWps&feature=youtube_gdata”>Winnipeg

What is a great time to buy Real Estate in Winnipeg? . One of the most often-asked question by home and condo buyers is “When is the best time to buy in Winnipeg?” Similar to other things, purchasing real estate has a yearly cycle, with ‘hot spots’ as well as times of slower activity. Lets [...]

Read the full article →

House-Buying Etiquette: Good Manners Do Matter

June 23, 2011 A Vids

Mind your manners while house or condo shopping . Sometimes when people are buying a house they forget that manner matter just as much as they do in any other part of their life. It is important to remember that the house you are looking at still belongs to someone else and that you need [...]

Read the full article →

← Previous Entries