Property Evaluation: Valuing Your Denver Home
When you are pondering the value
of your Denver home, you may want to evaluate your property from a few
different angles to get a good feel for its worth.
· Value:
As the credit card commercials imply, the cost of something isn’t necessarily
the same as its value (which can be “priceless”). Value takes into account how
individual buyers might use a property. For instance, the home being in a good school
district is probably more valuable to a family with children than to a bachelor.
On the other hand, accessibility to nightlife is most likely more valuable to
the bachelor than to a family with children. You may value the wide lush lawn
of your Denver home while other people see that asset as a detriment, because
that lawn always needs mowing.
· Cost:
The cost of the house for the sellers is the price paid for the home plus
improvements made during their tenure. Remember, the sellers’ cost is unlikely
to be the same as the fair market value. Not all changes to a home necessarily
add to its fair market value; in fact, quirky renovations can make properties
more difficult to sell.
· Fair
market value: The fair market value of a property is determined,
in part, by looking at similar properties sold in the area in the last six
months. This Comparative Market Analysis (CMA) considers items such as number
of bedrooms and baths and the neighborhood in which it’s located. A basic CMA
may not factor in everything that goes into setting a price for the property.
For example, if your home is in significantly better condition than comparable
properties or has a spectacular view, those factors will most likely increase
your home’s fair market value.
If you’d like a
Comparative Market Analysis for your home, including all the special factors
that set your home apart from other homes in your neighborhood, give me a call
today at 303-525-8721 or email me at huffman@ccpre.com . My goal is to provide you with a great real estate
transaction whether you are buying a home in Denver or selling a home in Denver or the surrounding area. I have extensive knowledge of the Denver
real estate market. If you need help with your real estate transaction please contact me. Please visit the main site at YourDenverHouse.com to search active Denver MLS listings.
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