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Assessed Value vs. Market Value - Real Estate Terminology


ASSESSED VALUE vs. MARKET VALUE 

 

THE NUMBER ONE THING TO REMEMBER ABOUT THE OF YOUR PROPERTY IS THAT IT IS THE OF YOUR PROPERTY!

 

Your Assessed Value will be used to determine your property taxes, while the Market Value of your home is determined by well, THE MARKET! And the value of your land and improvements.

 

A real estate agent will determine the market value of your property with some of the following resources:

》inspection of the property, its improvements, and its condition

》recent comparable sales & active competition

》the neighbourhood & available surrounding amentities

but ultimately, the local market conditions will determine the market value of your home.

 

If you have any questions about the assessed and market values of your home, please reach out to me! If you are interested in reviewing more real estate terminology you can do so on my terminology page at https://teeganbridges.com/terminology.html

 

#wordoftheweek #realestateterminology #assessed value #marketvalue #homevalue #kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism 

 

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Amortization Period - Real Estate Terminology
⏳️= 
 
Most mortgage amortization periods are 20-25 years.
This is the amount of time your lender will give you to pay back your mortgage loan in full.
 
The reason I say that time ⏳️ =  money is because for the length of that amortization period, you will be charged interest on your mortgage loan balance. The longer the loan payment schedule, the more interest will accrue over time.
 
For example:
Mortgage Amount = $800,000
Interest Rate = 5.690%
 
AMORTIZATION: 25 YEARS
TOTAL INTEREST COST: $691,589.34*
Approx. Monthly Payment: $4,971.98
 
AMORTIZATION: 20 YEARS
TOTAL INTEREST COST: $534,191.67*
Approx. Monthly Payment: $5,559.15
 
Long story short - if you can afford an increase in your payments on a monthly basis, you can potentially save yourself hundreds of thousands of dollars by amortizing your mortgage loan for a shorter amount of time!
 
Always speak with a mortgage professional for the best advice! If you're looking for one, reach out and I'd be happy to connect you!
 
#wordoftheweek #realestateterms #realestatedefinitions #mortgage #amortizationperiod #kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism #okanagan #westkelowna #livedowntownkelowna #liveinkelowna #lovekelowna
 
*these interest costs are calculated at 5.690% for the entirety of the loan - typically your interest rate will vary during your amortization period. If you have questions about this, please DM me.
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2024 Interest Rate Announcement Schedule

FINGERS CROSSED!

The Bank of Canada is preparing for their January announcement, and I know that we are all hopeful to see a decrease in interest rates.

The BOC has insinuated that interest rates will begin to decrease this year, as we come closer to our target inflation rate.

We have seen high interprovincial migration rates, particularily since COVID 19, that has created an influx of first time home buyers in Kelowna, the Okanagan, and British Columbia as a whole. Between interest rates and the average purchase price of a home, purchasing property in 2023 was almost unafforable. Heading into 2024, with a decrease in interest rates, we are hoping to see affordability return for the millions of Buyers patiently waiting on the sidelines.

If you plan to purchase a home in 2024, reach out to me and I would be happy to help you get started on your journey!

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Waterfront Development Opportunity in Lake Country!

Introducing 11570 & 11538 Bottom Wood Lake Road, in beautiful Lake Country, British Columbia.

Discover an unparalleled opportunity! For the first time in two decades, an extraordinary waterfront estate awaits you. Spanning 6 acres with 2 land titles, this unique property features a rustic 5600sqft house, a dock with 3 electric boat lifts, and a 5-car garage. Immerse yourself in luxury with approximately 350ft of pristine sandy beach, offering not only a stunning retreat but also income potential and a developer's paradise. Conveniently situated within 10 minutes of an international airport, world-class skiing, renowned wineries, championship golf courses, and the esteemed UBCO, this estate is perfectly located in the sought-after Okanagan Valley, known for its delightful climate. Indulge in the surrounding beauty of freshwater lakes and agricultural lands, creating a picturesque backdrop for your dreams to unfold. As an added bonus, this remarkable estate includes a quaint 16-unit mobile home park. Unlock the potential of high-density development in the Lake Country Village. The current family owners, eager to pass on their cherished memories, invite you to adopt the joy and fulfillment they have experienced here. Don't miss this extraordinary chance to own a piece of paradise. Embrace the limitless possibilities and start creating your own legacy today.

Offered at $17,800,000

For more information visit lakefrontinlakecountry.ca or contact me at 778-840-4828!

Proudly represented by Diane Moore, Ron Stettner, Josh Stettner, and Teegan Bridges

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Posted in West Kelowna Real Estate
NEW LISTING in West Kelowna

NEW LISTING at 3105 Shannon Place in West Kelowna

Welcome to your dream home! This exquisite 4-bedroom plus den, 3 full bathroom residence, has undergone a no-expense-spared renovation, both inside and out. Offering a prime location next to Shannon Lake Elementary School, and minutes to both middle and high schools; the family friendly neighbourhood of Shannon Lake offers close proximity to amenities such as shopping, and world class golf and wineries. Featuring a gorgeous new kitchen with quartzite countertops, all new appliances, new energy efficient windows and doors, new engineered hardwood floors, a modern fireplace, updated plumbing, and more - there was nothing missed in this move-in ready home! Outside has been completed with zero-scape landscaping, 2 new decks, and possesses plenty of room for RV or boat storage! This is more than just a house; it's a lifestyle upgrade that combines modern living, impeccable craftsmanship, and a prime location. Don't miss your chance to make this stunning home yours - schedule your viewing today!

Contact me at 778-840-4828 or teeganbridgesrealestate@gmail.com for more information!

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Posted in Kelowna Real Estate
NEW LISTING in West Kelowna
 

NEW LISTING at 91 1929 Highway 97 South in Kelowna, in the beautiful Kelowna.


WELCOME HOME! This recently renovated mobile home with two bedrooms is nestled on a roomy corner lot within a well maintained park. The fully irrigated corner lot boasts a sizable covered deck, multiple flower beds outlined with stones, rock gardens, mature fruit and magnolia trees, along with a tranquil firepit area that showcases a large garden box and trellis. Upon entering, you'll quickly notice the abundance of natural light streaming across the seamless vinyl flooring, illuminating the open concept kitchen and living room. The upgraded kitchen boasts modern appliances and a reverse osmosis system for pure drinking water. The bedrooms offer ample space, strategically positioned on opposite sides to ensure privacy through a thoughtfully designed split floor plan. Take advantage of the rare opportunity provided by not one, but two fully updated bathrooms, one of which includes a tub for your relaxation needs. During cooler evenings, enjoy the comfort of the inviting fireplace in the spacious living room, or appreciate breathtaking mountain views from your covered deck, regardless of the weather. With its proximity to shopping, public transportation, and the beach, this location is truly unbeatable! (id:2493)


Contact me at 778-840-4828 or teeganbridgesrealestate@gmail.com for more information!

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Posted in Kelowna Real Estate
OPEN HOUSE at 315 3185 Via Centrale Road in Kelowna
 

Please JOIN US at our OPEN HOUSE at 315 3185 Via Centrale Road in Kelowna, in the beautiful Kelowna!

On Saturday, March 11 from 1pm-3pm!


INVESTOR ALERT - SHORT TERM RENTAL PERMITTED 365 DAYS/YEAR - USE RENTAL POOL OR SELF MANAGE Welcome to your dream 1-bedroom lofted condo with 2 full bathrooms, overlooking Els Lake and next to 2 championship golf courses! This stunning unit is designed to perfection, featuring an open-concept living area that exudes comfort, and an abundance of natural light from the West. The loft bedroom is a true oasis, providing a perfect retreat from the busy world. Wake up to the picturesque views of the lake and enjoy your morning coffee in the fresh air on your private balcony. Located next to championship golf courses, this condo is perfect for golf enthusiasts who love to hit the links. You'll also be just a short distance from the Kelowna International Airport, and the many additional amenities nearby such as UBCO, Groceries, Liquor Store, Pharmacy, Coffee Shops & more. Come experience the ultimate in Okanagan living and make this stunning condo your own! (id:2493)


Contact me at 778-840-4828 or teeganbridgesrealestate@gmail.com to schedule a private viewing!

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Posted in Kelowna Real Estate
OPEN HOUSE at 315 3185 Via Centrale Road in Kelowna
 

Please JOIN US at our OPEN HOUSE at 315 3185 Via Centrale Road in Kelowna, in the beautiful Kelowna!

On Saturday, March 11 from 1pm-3pm!


INVESTOR ALERT - SELF MANAGE YOUR SHORT TERM RENTAL or use the Rental Pool! Welcome to your dream 1-bedroom lofted condo with 2 full bathrooms, overlooking Els Lake and next to 2 championship golf courses! This stunning unit is designed to perfection, featuring an open-concept living area that exudes comfort, and an abundance of natural light from the West. The loft bedroom is a true oasis, providing a perfect retreat from the busy world. Wake up to the picturesque views of the lake and enjoy your morning coffee in the fresh air on your private balcony. Located next to championship golf courses, this condo is perfect for golf enthusiasts who love to hit the links. You'll also be just a short distance from the Kelowna International Airport, and the many additional amenities nearby such as UBCO, Groceries, Liquor Store, Pharmacy, Coffee Shops & more. Come experience the ultimate in Okanagan living and make this stunning condo your own! (id:2493)


Contact me at 778-840-4828 or teeganbridgesrealestate@gmail.com to schedule a private viewing!

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Posted in Kelowna Real Estate
NEW LISTING in Kelowna
 

NEW LISTING at 315 3185 Via Centrale Road in Kelowna, in the beautiful Kelowna.


INVESTOR ALERT - SELF MANAGE YOUR SHORT TERM RENTAL or use the Rental Pool! Welcome to your dream 1-bedroom lofted condo with 2 full bathrooms, overlooking Els Lake and next to 2 championship golf courses! This stunning 915 sqft unit is designed to perfection, featuring an open-concept living area that exudes comfort, and an abundance of natural light from the West. The loft bedroom is a true oasis, providing a perfect retreat from the busy world. Wake up to the picturesque views of the lake and enjoy your morning coffee in the fresh air on your private balcony. Located next to championship golf courses, this condo is perfect for golf enthusiasts who love to hit the links. You'll also be just a short distance from the Kelowna International Airport, and the many additional amenities nearby such as UBCO, Groceries, Liquor Store, Pharmacy, Coffee Shops & more. Come experience the ultimate in Okanagan living and make this stunning condo your own! (id:2493)


Contact me at 778-840-4828 or teeganbridgesrealestate@gmail.com for more information!

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Welcome to the Real Estate Blog

Welcome to my Real Estate Blog! Here you can find timely updates of my latest properties, open houses, just solds, market updates and much more.

Whether you are interested in buying or selling real estate, I am here to help guide you every step of the way.

Kelowna's population doubles every summer with tourists! With my expertise in the Downtown Kelowna area, I can assist you with finding the perfect short or long term investment to take advantage of Kelowna's bustling tourism market!

If you have any questions about real estate from home evaluations to mortgages to searching for properties in your area, don't hesitate to contact me today!

#realestate #realtor #kelowna #ylw #buy #sell #invest #sellingsunsetkelowna

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Newer posts : page 7
Categories:   Kelowna Real Estate | Summerland Real Estate | Vernon Real Estate | West Kelowna Real Estate
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.