Allisen Appraisal Consultants

Homes On The Block – Selling Advice* To Get Your Best Price!

Author: Brooks Allisen

 A: The Professional Appraisal:

2. Reliability & Verifiability:

Professional real estate fee appraisers are educated in many aspects of property valuation and real estate markets and one of the main focuses of the appraisal profession is reliability and verifiability. Essentially the data and information which an appraiser uses must be reliable and verifiable. The most common source of data and information which residential real estate appraisers use is the Multiple Listing Service (MLS). The MLS is used because the data and information is on an open market system, open for all interested parties to see and use. The Realtors who provide the MLS data and information are legally responsible to the users of that data and information, and are expected to originate or confirm the data and information to the best of their professional abilities. Some data and information is a matter of opinion and may be open to interpretation, however, for the most part MLS data and information may be relied upon faithfully by an appraiser. Another source of data and information is the own appraiser’s files on comparable properties. This data and information is prized by the appraiser, for he/she has personally verified the details at some past point in time. There is the possibility that a comparable property on file may have had renovations, upgrading, or may have even suffered damage from fire or flood, hence there is the possibility that the details may not be totally reliable.

Assessment records, Land Titles Office records, For-Sale-By-Owners, project developers, house builders, and exclusive listings are some other sources of data and information that can be utilized for comparable sales, however the details on these types of sales are often not complete and may require further verification by the appraiser when utilizing them in an appraisal report. Instances where the subject property has unique features, an isolated location, and/or where there are a limited number of MLS sales, these sources are often very helpful. The professional appraiser makes note of these situations in his/her appraisal report so that the appraisal report reader is fully informed and can adjust his/her expectations of the report.

March 1, 2010

VIREB reports active market continues

NANAIMO, BC – Single family unit sales last month were up 47% from February 2009 and up 28% from the previous month on a Board wide basis. The average sale price meanwhile is 11% above February 2009 according to Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2010. There were 289 single family unit sales across the VIREB region in February 2010.

VIREB President Cliff Moberg said, “We continue to remain busy, and are slowly starting to see our inventory levels recede. I am very happy with the direction the market is heading.”

Jim Stewart, VIREB’s President Elect said that, “The market is much stronger than a year ago, homes priced well are selling in a reasonable length of time. I am cautiously optimistic moving forward.”

The average sale price across the VIREB region for February 2010 was $$342,047 up 11% from the $307,919 posted in February 2009, but very close to the January 2010 average price of $339,327.

For the period comparing data from the end of February 2009 to the end of February 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 7% (to $282,235), the Comox Valley decreased 4% (to $341,003), the Cowichan Valley was up 14% (to $359,169), Nanaimo also increased 14% (to $370,747), Parksville/Qualicum was up 12% (to $388,339), and Port Alberni slipped 2% (to $194,040).

There were 11% more single family residential properties put on the market in February 2010 compared to 12 months earlier, but overall there are 14% fewer homes for sale now than a year ago.

Consumers should check with their local REALTORS® for specific neighbourhood price information.

VIREB represents approximately 1,070 licensed REALTOR® members in more than 84 member offices on Vancouver Island (north of Victoria).

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

NANAIMO, BC – Single family unit sales last month were up 97% from January 2009 but down 24% from the prior month over a Board wide basis. The average sale price meanwhile is 6% above January 2009 according to Multiple Listing Service® (MLS®) sales summary information released through the Vancouver Island Real Estate Board (VIREB) for January 2010. There had been 225 single family unit sales throughout the VIREB area in January 2010.

VIREB President Cliff Moberg stated, “We are seeing continued optimism from buyers, as we move into 2010. There’s activity in all categories of the market”.

Jim Stewart, VIREB’s President Elect mentioned that, “We are seeing inventory levels starting to rise. It’s most likely a great time for sellers to place their house on the market if they’re thinking about selling this year.

“We need to keep in mind that a year ago the world was in economic turmoil and real estate has helped lead in our recovery. Our market is strong on Vancouver Island and real estate is still a solid, reasonably priced investment here, “says Stewart.

The average sale price throughout the VIREB area for January 2010 was $339,327 up 6% from the $321,425 posted in January 2009, but very close to the December 2009 average price of $341,974.

For that period comparing data with the end of January 2009 towards the end of January 2010, average sale prices in VIREB’s six zones saw: Campbell River increase 9% (to $288,541), the Comox Valley improved 6% (to $323,860), the Cowichan Valley was also up 6% (to $379,489), Nanaimo increased 4% (to $363,093), Parksville/Qualicum was lower 8% (to $346,207), and Port Alberni jumped 18% (to $253,575).

There had been 15% extra single family residential properties placed on the market in January 2010 in comparison to 12 months previously, but overall there are 28% additional homes for sale now than a year ago.

Buyers ought to check with their neighborhood REALTORS® for particular neighbourhood price details.

Vancouver Island house sales bucked the trend by staying relatively buoyant in December, a month when buyers usually take a holiday.