What is my home worth? It is the first question most homeowners ask, whether you are thinking of selling, refinancing, or just curious. The honest answer is that your home is worth what a willing buyer will pay for it today, and getting to that number takes more than a quick online estimate. Here is how home value is actually determined.
Market value is what a buyer will pay now
Your home’s market value is the price a buyer would reasonably pay in current conditions. It is not a fixed number; it moves with the market, the season, and the state of your specific home. That is why a value from last year, or a generic online figure, can be well off. For the conditions behind today’s values, see our Kelowna real estate market update.
How value is determined
The reliable method is a comparative market analysis, which looks at what similar homes in your area have actually sold for recently, then adjusts for the differences between those homes and yours. Recent comparable sales are the foundation, because they reflect what real buyers have paid, not what sellers hoped to get. The closer and more recent the comparables, the more accurate the picture.
What affects your home’s value
Several factors move the number: location and neighbourhood, the size and layout of the home, its condition and any upgrades, and the current balance of buyers and listings. A renovated kitchen, a desirable street, or a lake view can lift value well beyond a generic estimate, while deferred maintenance pulls it down. These are exactly the details a mass online estimate cannot see.
Assessed value is not market value
Many homeowners reach for their BC Assessment notice, but that figure is built to allocate property taxes, reflects a dated valuation, and often misses what makes your home individual. It is a poor guide to what your home would sell for today. We explain the difference in full in assessed value vs market value.
Getting an accurate number
Online estimators are a fine starting point for a ballpark, but they cannot account for your home’s condition, upgrades, or the nuances of your street. A proper comparative market analysis from someone who knows your neighbourhood is the accurate way to know where you stand, and it is the first step we take with any seller. If a sale is on your mind, pair it with our guide to preparing your home for sale, and our seller services explain how we approach it.
Frequently asked questions
The accurate way is a comparative market analysis based on recent comparable sales in your area, adjusted for your home’s specifics. Online estimates give a rough starting point but miss condition, upgrades, and neighbourhood nuance.
Not necessarily. The assessed value is a tax figure based on a dated valuation and mass appraisal, and it often differs from what your home would sell for today.
They are useful for a ballpark but not for a decision. They cannot see your home’s condition or upgrades, so they can be well off in either direction.
Knowing your home’s true market value is the foundation of any good decision about selling. If you would like a current, honest assessment of what your home would sell for, we are glad to prepare one for you.
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