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How Much Is My Home Worth – Determining Your Homes Value!
Video Transcript Below
Determining What Your Home Is Worth
How do I know what my home is worth? How do you determine what you should sell your home for? If you’re considering selling and aren’t sure how to price or you’re considering buying and want to know what to think about when offering on a home, then this video will help. Hi, my name is Tristan Colborg with the Denver Real Estate Agent.com and eXp Realty in Denver. As your local real estate expert in the Commerce City, Brighton, Denver, and surrounding areas, I know exactly how to price homes.
Factors To Consider In Valuing Your Home
Here are a few things to consider, Size, Condition, location, marketing, and negotiating. All of these have a huge effect on the price.
Think about it you can’t compare a home that is 2,000 sq. feet to a home that is 4,000 square feet. That would be comparing a Maserati to a Hyundai; they just don’t match up. They are not comparable. You need to make sure you are comparing the size just like an appraiser would. In most cases, if there is enough inventory, an appraiser likes to go anywhere from about 200 to 400 sq/ ft. difference both higher or lower to use as comparables to determine pricing. If there isn’t enough inventory, they will make adjustments in their evaluation of what the home is worth based upon the difference in size.
Condition Of Your Home Impacts Value
Now let’s think about the condition. Again, think about this with a car; you can’t compare a beat-up old hoopty to a brand new shiny car, right? Well, a home is the same. When pricing you have to look at several things. Like, how upgraded is your home? How modern is it? What is the landscaping like? Are you in a great location close to freeways and shopping? How does your area compare to others? Are there any nuisances like power polls, heavy traffic, or anything else that could be considered undesirable? Remember, when pricing, it’s natural to feel like your home is worth more than everyone else’s because we have an emotional attachment to it. But you’ve got to look at all the variables because underpricing your home will cause you to lose money and so will overpricing your home.
Again I’m Tristan Colborg with the Denver Real Estate Agent.com, and I would be happy to serve you in all your real estate needs. And remember, you deserve an elevated real estate experience.