One of the most important steps to putting your Denver or Boulder home on the real estate market is setting the list price. It’s certainly not rocket science, you just study the comps, right? Right. But make sure you take into consideration some of intangible items like view and backing to open space. It’s fine to start with a price per square foot analysis- truly, this is one of the BEST ways to begin your property valuation as numbers just don’t lie. But the square foot numbers don’t tell the complete story.
Sometimes a view is worth $10,000. Sometimes it’s worth $100,000. Sometimes backing to open space is worth $20,000. Sometimes 5 or ten times that amount. It all depends on the neighborhood trends. Now more than ever you need to have a good idea of what value your specific neighborhood puts on those items. And you need to have the comps in hand in order to back up your value claims.
Why do you need the comps in hand? I mean, just get the right buyer, right?? Right. But we’ve now got to deal with a possibly inexperienced appraiser. Lenders have gone from giving anyone or their pet dog a loan to making it very difficult for a qualified person to close. Many of these lending changes are good. Requiring buyers to put more money down is good. Requiring a higher credit score/history is good. Qualifying for LESS money is good. Sending inexperienced appraisers out to valuate properties is bad. And inexperienced appraisers are the name of the game now ever since the appraiser industry began to consolidate and contracts are being awarded to the cheapest (most inexperienced) appraisers. So be prepared. Have your comps in hand and assume the worst.
Email bob@realasave.com if you have any questions about Boulder or Denver real estate.
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