Comparables, also known as comps, help determine the value of a specific home. You will use comps when buying or selling your North Metro Denver home. This will help make sure your home is priced appropriately. Appraisers typically compare your home to other similar homes in the area to figure out the value. While it may seem “simple”, it may get complicated comparing homes. The value of comparables when buying or selling your North Metro Denver area home is very important. Your home could be priced above other comparable homes in your market and here’s why:
All Homes Are Different
All homes are going to be different, even if they have similar characteristics. The North Metro Denver area offers a wide range of home types.
While some homes may be similar, you also need to take into account the views, location, etc. Is the home on a golf course? Do you have panoramic views of the mountains from your home? When comparing condos and townhomes, you also need to look at the furniture and if the unit needs updates. The condos/townhomes may be identical, but there will be certain things you need to compare to establish a good value of that particular home. Although, it is definitely easier to identify comps for these specific properties here.
So, how do you compute the value of your home?
First, have a competent real estate agent. Having a real estate agent who is familiar with the market and similar homes that have sold could really help determine a good value for your North Metro Denver home. It may be hard to find similar homes that have sold recently, so looking in other areas could help provide additional information. I also recommend taking the difference between the asking price and selling price of a similar type home to get a ballpark range.
Appraiser and Appraisals
Appraisers will find the value of a home by using comparable home sales with a similar size and character. You should receive a valuation report at the end of an appraisal that contains comps, supporting documentation, pictures and a nice narrative summary.
How Can I Help You?
I hope this article has shown you that I am a knowledgeable real estate agent who wants to help buyers and sellers. I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me!
Would you like more information on the North Metro Denver area or the real estate market specifically? If so click here to download my current market report on the area or visit this link – http://christinakernexpert.com/market-report-newsletter/