Home Selling Tips

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

U Need Space offers unique Storage Solutions in Winnipeg

May 9, 2012 Blog

Need to declutter before selling your house or condo? U Need Space is a unique temporary storage system developed in Winnipeg. The company delivers small storage pods to your home, you fill it with your extra and excess furniture, and they come and pick it up and store it in a climate controlled environment until you need the items back. Great for temporary storage while moving.

Read the full article →

How to build value in your home without re-building

May 1, 2012 Blog

Improving Value without renovating or rebuilding . photo: country_boy_shane Thinking of selling your house or condo? As you’ve probably heard, the spring-time is the best time to sell your home, but whether the market is hot or slow, all home-sellers want to get the most money for their homes. For those who are just about [...]

Read the full article →

Gain the psychological edge by using a real estate agent

April 27, 2012 A Vids

Your real estate agent uses psychology to help you sell . photo: Ryan Wick When you choose the Winnipeg real estate agent who will be your home-marketing partner, you are choosing someone who will need to fill many roles: marketer, stager, tour guide, negotiator. And don’t leave out another role — psychology major! To build [...]

Read the full article →

Home Renovations Top 10 suggestions for that spare bedroom

April 9, 2012 Blog

What to do with that spare bedroom? . Did that 36-yr old son finally move out? Did he get the hint when you changed the locks for a 3rd time? Now, what to do with that suddenly spare bedroom? Here are some suggestions of what that extra space could be turned into. And if none [...]

Read the full article →

Preparing your Winnipeg Home for Showings by Real Estate Agents

April 4, 2012 A Vids

Preparing your Home for Showings and Sale . There is an old saying that goes: “Your home is never more exciting than the first couple of weeks on the market”. So when you put your home on the market (and I mean the REAL MARKET, by LISTING IT with a REALTOR®), make sure that your [...]

Read the full article →

April 2012 Real Estate Market Update for Winnipeg

April 2, 2012 Blog

Real Estate Market report for April 2012 . For April 2012, as I do every month, I take a closer look at the Winnipeg real estate market. I’ve segregated the real estate 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 Winnipeg real estate [...]

Read the full article →

Consider Bo Kauffmann your local referral resource

March 29, 2012 A Vids

Whether you need a roofer, lawyer, mortgage lender, landscaper, mover or any one of a dozen different services, Bo Kauffmann of Remax Performance Realty can be your &amp;amp;#039;connector&amp;amp;#039; to any of these qualified professionals.

Read the full article →

Selling your home while going thru a divorce or separation!

March 15, 2012 A Vids

Selling your home during a divorce . Homeowners sell their homes for a variety of reasons. Hopefully the reason is a happy one, such as Up-sizing the home to accommodate a growing family, or even downsizing because the kids have (finally) left the nest. Sometimes the reason is a not-so-happy one, as is the case [...]

Read the full article →

Increasing Property and Home Value for resale

March 14, 2012 A Vids

Increasing your home value before selling . credit to lambdas’ photostream on flickr Homeowners do not want to lose money when it comes time to sell their property. Ideally everyone wants to make money! As the real estate market weathers sudden highs and lows, homeowners can make small, yet significant improvements to turn the resale [...]

Read the full article →

Best way to sell your Rental Property in any market

March 7, 2012 A Vids

Best way to sell your Rental Property for the most money! . If you are a property investor, owning a rental property, chances are that at some point you will want to ‘flip’ one or more of your properties. This may hold especially true in a hot real estate market, but can also be true [...]

Read the full article →

← Previous Entries