How mush is my house worth in Verdun ou LaSalle ?30 Nov 2020
One of the most frequently asked questions in real estate is how much is my house worth? My condo? My revenue property?
Real estate professionals such as a real estate broker can give you an idea of the market value.
Ultimately, the sale price will be the price that an owner is willing to sell their property and what a potential buyer is willing to pay for the property.
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Why are homes in Verdun rising in value?
There are many factors that can influence the value of a property, but the main factor is the location of a property. You can change everything on a property except for its location. This means that for the same property elsewhere the price may differ depending on its location.
Verdun is one of the most sought-after areas on the island of Montreal, for several reasons such as accessibility and proximity to services, neighborhood life and green spaces. The combination of these reasons has made this city very popular over the last 10 years. According to “Time Out” magazine, Verdun is one of the “coolest” neighborhoods in the world.
Are houses in LaSalle also increasing in value?
LaSalle is a borough which is a mixture of urban and suburban life. You can find everything there, the waterfront which is more peaceful and the Angrignon area completely on the other side is more urban but with access to the large Angrignon Park for nature lovers. Many families are also looking to settle in the area because prices are a little more affordable than the Verdun area, for example.
With all the new real estate developments that have been built over the last 5 years, especially condominiums towers in the Angrignon sector, the demand for this type of property is on the rise because of its accessibility to services, like the Angrignon metro which is closely located. It attracts investors and also families.
How is the municipal assessment calculated?
Does the municipal assessment have an impact on the market value?
For a very long time, people relied on municipal appraisals to give them an idea of the market value of their property, probably because the market at that time was not as active so selling prices were similar to the evaluation price. However, you should not rely on the city's valuation to determine the value of the property for several reasons.
First of all, the notion of time plays a big role, the data taken by the chartered appraiser are several months old, even several years old in some cases. Subsequently, the appraiser does not consider all the characteristics of each property, it is on a set of properties that are alike.
Ultimately, not all of the owners apply to the city for permits for the renovations, so the city does not know exactly what has been done on the property.
How do you assess the market value of a house or a condo?
The comparison method is the one used by real estate brokers. The analysis consists of looking at properties that have been recently sold in the same area that resemble the property under study in terms of location, size of the building, number of bedrooms, parking, etc.
Among other things, the real estate broker will show what is on the market to suggest an asking price to the seller and to plan his sales strategy to position himself against the competition in the event that the mandate has been given to him.