Thinking of selling your home? Getting a paid for appraisal might be a great place to start determining your property value, providing you are aware of the limitations.

Pitfalls of Appraisals

An appraisal is an entirely theoretical exercise which is based on the application of a number of traditional approaches to establishing and calculating a home's value. The best an appraiser can do is to establish a “notional” value based on these principles.

Appraisers are most often called to apply these theories for the purposes of establishing: finance value, insurance value, tax value, value for estate planning and when a divorce is happening, a notional market value to allow one party to buy the other out.

Only the Market Can Dictate Actual…

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Summary:

For the first time in many months, more homes were sold in October of 2016, compared to the same month last year.  Was this because of the impending mortgage rules tightening? Perhaps. Or it could point to an underlying confidence in the market.

Numbers Sold:

 

13 MORE Edmonton homes sold in October when compared to last year. This is the first increase all year.

Days on Market

 

For the first time in perhaps almost a year, Days on Market is equal to the same month in 2015. For most of this year, it has taken around 5 days longer to sell. Does this point to an overall uptick in the market?

Sales Values

A small drop in values of less than 1% was a surprise. We have seen values stay flat or increase slightly for…

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