Help with Pricing in the High Colorado Real Estate MarketPosted on Feb 02, 2018
According to new census figures the price of an average new home in the U.S. topped $400,000 for the first time in history. For aspiring home sellers in Colorado, the best home pricing tips include a thorough examination of comparable homes sales in the neighborhood as well as the new construction market in the area. A report by inman.com pointed out that home prices are up across the country. Home sellers also have to consider the inventory of homes in the area before deciding on a listing price. Census Bureau and HUD reports an 8 percent decrease of existing homes for sale compared to one year ago. To determine your home's market value, work with seasoned agents who knows the Colorado real estate market.
Checking the tax assessment
One great pricing tip is to double check with the local tax assessment office. The office will have a record of sales in the area. Although sellers often check Zillow.com, the local tax assessment office verifies data. The reports include not only the date of sale and selling price but the year built, home size and bedrooms and bathrooms. Of course, real estate websites also provide valuable information. A real estate agent often does the work for you to provide a free market analysis.
Finding comparable properties
When it comes to determining comparable homes that sold in your area, it's often complicated. A home might have four bedrooms like your home, but also boast a sunroom or finished basement with mini bar, yoga room and home theater. An experienced real estate agent often knows some of the comparable homes for sale first hand, having walked through them. As the seller, one of the easiest ways to judge the competition is to tour a few new home models. It also gives home-staging ideas.
When pricing a home in 2018 and 2019, realize that home prices are climbing slowly compared to previous years. An article by thebalance.com warns against listing a home too high. It's easy to get caught up in the excitement of making a profit on your Colorado home. Real estate pricing is all about making an educated decision. Ultimately, the real estate market and demand dictates the selling price. Pricing a home on the low side often drives up the price with multiple offers. Making a listing price mistake often means a home going stale on the market.
At Team Lassen, we look at the individual home seller's neighborhood, home and situation. We often offer advice for homeowners to inexpensively improve their homes for sale and work on a price listing strategy. We help clients in Castle Rock, Westminster and all the surrounding areas buy, sell or rent. For more home pricing tips for the Colorado real estate market, please contact us.