How to Determine the Value of your Home
Curious as to the value of your Kitsilano home? With quite a variation in prices of homes within Kitsilano (consider the entire Westside and the price differences become even more varied), along with new developments and duplexes in place of single family homes, it’s getting hard to determine true value of your Kitsilano home and lot.
Many factors should be considered when determining the value of a property, including but not limited to: current market conditions, lot size and orientation, zoning, size and condition of the house and the neighbourhood. These factors are all very specific to each property (just because you neighbour’s house sold for X dollars, doesn’t mean yours will do the same). I’ll go through each criteria a little further below, but if you’re curious about the value of your home, either give us a call or fill out our Kitsilano Home Value form and we’ll get back to you with a sense of how your Kitsilano home would be valued in today’s market.
Factors that Affect the Value of your Kitsilano Home
1. Current Market Conditions
Right now, the Kitsilano Detached House Market is seeing some new listings hit the market, with continued interest in Kitsilano Character Houses and houses great for families. Great character houses sell within the first week very close or above the asking price, often after multiple offers. Prices have been steady in the Kitsilano Detached Market, and the recent City of Vancouver Property Assessments showed most Kitsilano Homes decreasing in “value” (as per the city). Keep in mind that city assessed value, and real estate market value can be very different. We’ll look at current active comparable listings and recent sales to get a sense of list price vs sale price.
We have many Buyers looking in Kitsilano – both families looking for their next home and developers looking for build-able lots – and there just isn’t enough stock to keep up with the demand. If you’ll entertain the idea of listing your home, give us a call, we’ll get your house sold quickly and for top dollar.
2. Lot Size and Orientation
Is your house sitting on a standard 33′ x 122′ lot (or something similar). Is it on an oversized lot? Is it a corner lot? Is it across from a park? Does it back on a lane? Which direction is the house facing? Every developer looking to buy a lot in Vancouver considers these factors, as it determines the total amount of square footage they are allowed to build, which affects the future value of their development and thus how much money they should be putting into it now. Bigger lots also generally have dedicated parking spaces or garages, along with good backyards. Even those buying to live in consider the size of the lot to be an important factor for resale and future potential.
What’s the zoning (i.e. R-7, RS-1, etc)? City of Vancouver Zoning Restrictions determine what you can do with a plot of land based on it’s zoning. It can determine if a duplex or rowhomes can be built, the amount of square footage, the setbacks, laneway house potential and more. For developers especially, this can be a major consideration.
4. Size and Condition of the House
Most importantly, especially for families, is what’s the existing house like? Has it been renovated, and when? Was it completely gutted to the studs and re-built, or were pieces of the house improved over time? Have the major components of the house been upgraded (i.e. roof, plumbing, electrical, etc)? How many bedrooms are on the upper level? Is it open concept, or does it still have an older floor plan? Is it a Character House, a Vancouver Special, a Bungalow or a new build? One of the biggest questions for younger families pushing to afford a single family house in Vancouver – does it have a basement suite (mortgage helper)?
Are you North of West 4th Ave? Close to Kits Beach or Jericho Beach? Is your house sitting on a hill, offering you fantastic views of the city, water & mountains? Are you near some of the great Westside elementary schools in Kitsilano? School catchment does affect Buyer’s decisions on where to buy. If it comes down to choosing their ideal area, school catchment is often taken into consideration.
Interested in Knowing what your Kitsilano Home is Worth?
Fill out our Home Value Form and we’ll get back to you. This is just a start when it comes to determining what your Kitsilano house is worth and how it would sell in this market. Why Sell with the LiveKitsilano Team? We have years of experience, have sold countless properties, work with residential developers and have many Buyers looking in this market. Along with our great marketing plans and current knowledge of the market, we can give you a good idea on your home’s value, how to best present it for sale and what to expect. Contact us if you’re interested in selling your Kitsilano home.