You don’t need to have your Denver, CO on the market to know the value of it. A homeowner should always have an idea of what their home is worth. You can pay a real estate appraiser to get that number or refer to your tax bill, which isn’t going to be the actual real estate value. Or you could follow the following steps that Property Scouts has found that will give you an accurate value for your Denver house.
Acquire A Competitive Market Analysis
Also known in the real estate industry as a CMA and provided by a realtor when placing your home on the market. But you can get this analysis yourself as well. What is a CMA? This analysis will tell you what properties have sold for around you and for how much, and you don’t have to be a realtor to get this information.
There are several sites to get the same information from Realtor.com, Trulia, or Zillow, who all use MLS for the data, and you can do that yourself.
Search for three properties in your area that are like yours, comparing the lot size, square footage, number of bathrooms and bedrooms, etc. Get an average price of the three properties and use that as a baseline to determine a price for your Denver, CO home.
Use An Online Calculator
The real estate industry as several tools that can assist in determining your Denver home’s value. They use the information you input, so it is important to be accurate in the information you enter. You can find those tools on a website like Chase, HomeGain, Redfin, Realtor.com, Remax, and Zillow. You should look at the numbers from two or three of these to get an average. Keep in mind, that it will be the supply and demand that will get you the price you’re hoping for in the end.
Hire A Real Estate Appraiser
Real estate appraisers are the professionals that can give you an honest opinion based on the information they obtain. This service can cost as much as $500, based on the area in Denver, but their insight into the market is valuable. Before hiring an appraiser, do your own research of real estate appraisers. How long have they been in the business? What is their specialty – commercial or residential, single home or multi-unit complexes?
An appraisal can be a tremendous help in determining the value of a property in addition to advising you what challenges and obstacles you may face in selling your Denver, CO home like planned construction, crime rate, and property taxes.
Watch The Real Estate Market
Availability, demand, season, and trend will cause property values to fluctuate. What your property is worth during the summer could change by winter. By watching the real estate market in your area, you’ll know when it’s a good time to sell or not sell.
The Things You Should Be Aware Of
It is not uncommon for the price of a Denver, CO house to be inflated by a real estate agent simply to get the homeowner to sign their contract. When you have taken the steps we’ve provided here, you’ll know the value of your Denver home, giving you an upper hand that will ultimately get you an outcome you want if you decide to sell your Denver home.
Be sure to consider the value of the land itself that your Denver, CO home is sitting on. If you choose to have a professional appraisal done, verify the data they present to you to make sure it is accurate.