What the 2020 BC Real Estate Assessment Report is Telling You. BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

What the 2020 BC Real Estate Assessment Report is Telling You. BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions
By Catherine Musgrove Jan 15, 2020

2020 BC ASSESSEMENT

What Does it Mean for Current Homeowners?
It is natural to be concerned with decreases in assessed property values, your home is not worth as much you might have paid for it, or you may not get the return on investment you hoped. Your property assessment may not affect your market value.

Homeowners may also wonder if it will affect their ability to renew their mortgages if they owe more than their home’s current assessed value. Rest assured, in most cases, mortgage renewal should not be an issue. If you are renewing with the same lender and your credit standing has not deteriorated, then the process should be smooth.

The challenge may arise if you are changing lenders, trying to access more funds, suffer from poor credit, or trying to negotiate a new mortgage. If it is a straightforward renewal, don’t worry, you won’t be kicked out of your home because the assessed value has decreased.

Overall, the housing marketing across BC remains moderate, and Real Estate Agents are already anticipating a busy spring as buyers and sellers negotiate their dream home. Be aware of the assessment and what it means to your community, look at what you can afford, and then negotiate based on the market value for your neighbourhood.

READ MORE:

https://www.rew.ca/news/what-the-2020-bc-real-estate-assessment-report-is-telling-you?utm_source=Agents%3A+Market+Insights&utm_campaign=216106b530-EMAIL_CAMPAIGN_2019_08_22_06_44_COPY_01&utm_medium=email&utm_term=0_14f9ba90ce-216106b530-87362887&fbclid=IwAR2465DH_aaTdmKunBnPnqBL_q4ZQ0Z2HIgS8AS41EPI71khQuYz_idzHaQ

Curious What Your Home is Worth? I would love to hear from you…give me a call to discuss your properties value and options.

Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
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President’s Club Award Winner 2008-2018

BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

REW.CA
What the 2020 BC Real Estate Assessment Report is Telling You
BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions