“What is the value of my property?” A question asked of REALTORS everyday. The answer isn’t always easy. Some times it’s like comparing apples to Buicks.
Comparing property around Fremont County Colorado is difficult,there aren’t many properties that look exactly alike. It’s not uncommon to find a 3 bedroom 2 bath house in Canon City on a city lot near a 3 bedroom 2 bath house on 1 or more acres. One may have city water and the other has a well or cistern. A Victorian home in Florence doesn’t compare to a Victorian house on acreage outside city limits. A 2000 sq.ft. house in Rockvale isn’t the same as one in Top Rail.
Your property is worth:
- What the appraiser says it’s worth
- What a buyer is willing to pay
- What a bank is willing to lend
- The recent sales of comparable properties
Your property value has nothing to do with:
- What your neighbors are asking for their properties ( Do you really think they are going to get that much?)
- Your financial needs, kids tuition or next vacation
- The emotional investment you have in the property
- The assessors value
It is unlikely that a gullible cash buyer is going to come along and buy into the inflated price of your property. With the current supply and demand for properties buyers are more likely to skip a property that is priced incorrectly and move on to another priced at market value. If a seller thinks that real estate is a game of offer and counter offer that seller is chasing off or missing potential buyers who are willing and able to buy but not willing to work with an unreasonable , unrealistic seller.
Other articles about pricing property:
“This is not just a problem we are seeing in Western New York, it is a crisis of home sellers delaying the heartbreak of not getting the price they want. Sellers want to feel good about the sale of their home.” http://www.buffaloniagararealestatehomesales.com/real-economics-of-selling-your-home/ Colleen Kulikowski
The issue of over pricing homes is a national epidemic, several of the agents I know across the country and I have discussed this at great lengths; http://www.centraloregonbuzz.com/blog/quit-drinking-the-real-estate-kool-aid Thesa Chambers
For a free no obligation CMA on your property or click on the link to the left: http://www.realestatecoloradostyle.com/free-cma
Dena Stevens Putting the ‘real’ into REALTOR since 2004