It's the time of year where sellers start to question their home being on the market over the Holidays, or potential sellers question whether or not they should list now or wait till the New Year. There are pros and cons with each depending on how you look at it.
Listing around the Holidays can seem like a bad idea at face value, but think a little harder here... Buyers looking at this time of year are focused and motivated, why would anyone want to be spending precious December days house shopping if it wasn't entirely necessary?!
Your home is likely going show very well, having some kind of festive decor, think how cozy it is to walk into a decorated home with the soft lighting, smells of delicious treats cooking, and twinkly sparkle that this season brings a home both inside and out. Just make sure that when you add the Holiday decor, you remove other things to make space, you don't want your home to look like it's bursting at the seams!
November is a drab month outside, the leaves are gone, the grass is muddy and dull, the weather is grey and damp. Then in December all of a sudden the first snowfall arrives and everything looks and feels so fresh and crisp! Add a wreath and some boughs for greenery and some tasteful lights/candles in the windows and your home is transformed into the next hot spot for Holiday gatherings or cozy evenings relaxing. December is an excellent time to appeal to buyers desire to see themselves in their next home. I remember distinctly when we viewed the home we bought (in June) exclaiming where the Christmas tree was going to go as soon as we saw the living room (we hadn't even offered at that point and had been in the home for all of two minutes). Emotions play into purchase decisions, there is absolutely no doubt.
Yes, I know it is hard to imagine someone coming through to view your home in the midst of December, but usually with all the drop ins and guests, we keep our homes in tip-top tidy shape this time of year, so what better time to show prospective buyers your home than when it looks it's very best!?
Over the last few years I have had excellent success with selling properties in/around the Holidays. And I'll let you know, that I have very keen buyers looking for properties right now that can't find exactly what they are looking for. If you are thinking about selling in 2018, contact me right now to see if your property might fit one of my qualified buyers, maybe I'll save you all the hassle and sell it without even having to list!
Call me! 902-680-2736
Tuesday, December 05, 2017
Friday, December 01, 2017
Tax Assessment vs Market Value
I'll do my best to keep this post informative, but interesting to read. I try to stay away from too many posts about the boring blah, blah, blah part of my job, but I have been getting many buyers feeling like the tax assessment of a property is going to give a likely reflection of the market value. NOT TRUE!
Let's start by defining the two - Tax Assessment is the value assigned to a property by the government in order to determine the yearly taxes due. The taxes may be levied on a Capped Assessment which means, although the actual assessment of the property may increase over time, the taxes will be based on a set amount for that owner. Tax assessments creep up over time but normally do not jump significantly unless building permits are drawn on the property or the property sells.
Market Value is the cash value of the property based on current market conditions, historical sales and improvements and upgrades to the property which are immediately reflected in an increase in Market Value. Market Value fluctuates significantly and depends on things that surround the property but may not be directly part of the property.
Now let's compare the two - say a property has been in the same family for 20 years, they have done numerous small improvements to keep it updated and maintained the property very well. The tax assessment will likely be very low compared to the market value because it has not sold recently or had major renovations done to justify an assessment increase. This home compared to similar homes in the area that have sold recently it is on par with what's fetching a good price and therefore worth about the same amount as the very similar properties nearby.
An excellent example here in the Annapolis Valley is farm land. Cleared agricultural land with high soil quality, access and improvements such as irrigation and drainage is worth in the tens of thousands per acre! Lets say we had 50 acres of prime cleared land on the Valley floor in Kings County, it's market value could be nearing $500,000 while the tax assessment is going to be probably less that $20,000.
The moral of the story is that Tax Assessments do not necessarily reflect what a property is worth. If you want a professional opinion on what your property is actually worth in todays market, I would be happy to assist you in determining that!
Call me! 902-680-2736
Let's start by defining the two - Tax Assessment is the value assigned to a property by the government in order to determine the yearly taxes due. The taxes may be levied on a Capped Assessment which means, although the actual assessment of the property may increase over time, the taxes will be based on a set amount for that owner. Tax assessments creep up over time but normally do not jump significantly unless building permits are drawn on the property or the property sells.
Market Value is the cash value of the property based on current market conditions, historical sales and improvements and upgrades to the property which are immediately reflected in an increase in Market Value. Market Value fluctuates significantly and depends on things that surround the property but may not be directly part of the property.
Now let's compare the two - say a property has been in the same family for 20 years, they have done numerous small improvements to keep it updated and maintained the property very well. The tax assessment will likely be very low compared to the market value because it has not sold recently or had major renovations done to justify an assessment increase. This home compared to similar homes in the area that have sold recently it is on par with what's fetching a good price and therefore worth about the same amount as the very similar properties nearby.
An excellent example here in the Annapolis Valley is farm land. Cleared agricultural land with high soil quality, access and improvements such as irrigation and drainage is worth in the tens of thousands per acre! Lets say we had 50 acres of prime cleared land on the Valley floor in Kings County, it's market value could be nearing $500,000 while the tax assessment is going to be probably less that $20,000.
The moral of the story is that Tax Assessments do not necessarily reflect what a property is worth. If you want a professional opinion on what your property is actually worth in todays market, I would be happy to assist you in determining that!
Call me! 902-680-2736
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